| Pension 19:59 - Dec 6 with 5829 views | Burwell_Blue |
I got told about Pension Bee, an online Pension company that will combine all the long lost pensions that you have and merge them all into one, and provide a handy App to keep tabs on them. I may well have read about them on here actually. Seems like a good idea as I have about five long lost pensions from previous employers where I may not have even changed my address as I have moved.
Anyway, is anyone clued up about financial matters to know if they offer a good deal?
Also, what sort of pension figure (at 65) is going to offer a nice retirement. What are others aiming for? |  | | |  |
| Pension on 20:04 - Dec 6 with 5461 views | TractorWood |
£300k would be comfortable. I'd be very sceptical of anything pension related and do loads of research as there are some horror stories out there of people being fleeced.
However, the thing you mention is actually a really good idea especially for people who've had a few jobs over the years and they've all had different defined contribution schemes. Transfers between schemes are normally prohibitively expensive.
Not an expert, at all. [Post edited 6 Dec 2018 20:05]
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| Pension on 20:51 - Dec 6 with 5357 views | hampstead_blue |
If you have a few pensions and want to combine them try a SIPP.
Mine is with Alliance Trust in Dundee.
A really good platform for making your money work.
If you're not savvy with investments go for Vanguard low cost tracking funds.
Spread your money around the world and across different indexes to diversify risk.
Pension Bee is OK but I doubt it will give you the investment choice you need to really make your money grow and work.
How much will you need?
More than you think and double it.
I work for the DWP in Pension Wise now and was an IFA for a while prior to that.
If you've got around £400k upward you will be very comfy.
A few pointers
We are living longer, money has to last longer
Charges, anything 1% and over, will destroy growth.
You will get minimum 20% uplift on your investment the minute you put it in (tax relief).
There is no need to be nervous about pensions. It's just a savings plan where you get your tax back and it grows free of all tax.
People who pour scorn on them in the main don't fully understand what they are.
Go to;
PensionWise.gov.uk
MoneyAdviceService.gov.uk
Pensionsadvisoryservice.gov.uk |  |
| Assumption is to make an ass out of you and me.
Those who assume they know you, when they don't are just guessing.
Those who assume and insist they know are daft and in denial.
Those who assume, insist, and deny the truth are plain stupid.
Those who assume, insist, deny the truth and tell YOU they know you (when they don't) have an IQ in the range of 35-49.
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| Pension on 22:11 - Dec 6 with 5264 views | WD19 |
| Pension on 20:04 - Dec 6 by TractorWood |
£300k would be comfortable. I'd be very sceptical of anything pension related and do loads of research as there are some horror stories out there of people being fleeced.
However, the thing you mention is actually a really good idea especially for people who've had a few jobs over the years and they've all had different defined contribution schemes. Transfers between schemes are normally prohibitively expensive.
Not an expert, at all. [Post edited 6 Dec 2018 20:05]
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£300k would give you an annuity of what? £12k per year? Not sure that is ‘comfortable’, even with the state pension on top. |  | | |
| Pension on 22:53 - Dec 6 with 5192 views | bluejake78 |
| Pension on 22:11 - Dec 6 by WD19 |
£300k would give you an annuity of what? £12k per year? Not sure that is ‘comfortable’, even with the state pension on top. |
Annuities are going down pension age is going up.We are living longer.
Pension Bee would love to get commission on forgotten pensions....they don't do it for love.
Worth getting advice and Pension Wise should be your 1st port of call.
I foresee the biggest scandal of the 21C limbering up nicely.My state pension age has already been extended from 65 to 67.
2 years state pension is currently £164.35 so I've already incurred a loss of 104 x £164.35.
(over £17k)
Time for everyone to read up....start with free advice (Moneysaving expert,Pension Wise etc) Do it NOW. |  | | |
| Pension on 09:49 - Dec 7 with 5030 views | Burwell_Blue |
A lot of useful information and advise here thanks.
Keno - I got your PM. I will let Pension Bee do the donkey work, as they are doing a good job of changing my address with the pension providers and getting all the documentation updated and sent over to me. Will share the information when its all put together.
Cheers. | | | |
| Pension on 10:20 - Dec 7 with 4991 views | Radlett_blue |
| Pension on 20:51 - Dec 6 by hampstead_blue |
If you have a few pensions and want to combine them try a SIPP.
Mine is with Alliance Trust in Dundee.
A really good platform for making your money work.
If you're not savvy with investments go for Vanguard low cost tracking funds.
Spread your money around the world and across different indexes to diversify risk.
Pension Bee is OK but I doubt it will give you the investment choice you need to really make your money grow and work.
How much will you need?
More than you think and double it.
I work for the DWP in Pension Wise now and was an IFA for a while prior to that.
If you've got around £400k upward you will be very comfy.
A few pointers
We are living longer, money has to last longer
Charges, anything 1% and over, will destroy growth.
You will get minimum 20% uplift on your investment the minute you put it in (tax relief).
There is no need to be nervous about pensions. It's just a savings plan where you get your tax back and it grows free of all tax.
People who pour scorn on them in the main don't fully understand what they are.
Go to;
PensionWise.gov.uk
MoneyAdviceService.gov.uk
Pensionsadvisoryservice.gov.uk |
Exactly. Having all your pensions in one place is administratively easier, but there my be costs involved in transferring and the aggregator's agenda may be to then extract an annual management fee from you. How the assets are managed and the cost of that management are both very important. |  |
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| Pension on 10:24 - Dec 7 with 4981 views | StokieBlue |
| Pension on 20:04 - Dec 6 by TractorWood |
£300k would be comfortable. I'd be very sceptical of anything pension related and do loads of research as there are some horror stories out there of people being fleeced.
However, the thing you mention is actually a really good idea especially for people who've had a few jobs over the years and they've all had different defined contribution schemes. Transfers between schemes are normally prohibitively expensive.
Not an expert, at all. [Post edited 6 Dec 2018 20:05]
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Pension Bee won't be something that fleeces you. They have a partnership with Starling Bank in their market so are above board.
As for using them - I can't opine on that.
SB |  |
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| Pension on 10:32 - Dec 7 with 4958 views | Keno |
| Pension on 09:49 - Dec 7 by Burwell_Blue |
A lot of useful information and advise here thanks.
Keno - I got your PM. I will let Pension Bee do the donkey work, as they are doing a good job of changing my address with the pension providers and getting all the documentation updated and sent over to me. Will share the information when its all put together.
Cheers. |
that's ok
any questions, anything you aren't sure about just give me a shout and I'll check it over for you |  |
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| Pension on 10:56 - Dec 7 with 4924 views | trncbluearmy |
| Pension on 22:11 - Dec 6 by WD19 |
£300k would give you an annuity of what? £12k per year? Not sure that is ‘comfortable’, even with the state pension on top. |
Forget annuities
https://www.youinvest.co.uk/pensions-and-retirement/accessing-your-pension
and yes £300,000 in a SIPP taking drawdown,with sensible investment and utilising to the max the tax brakes will allow you to retire comfortable at 55,subsidised by some tax free income from a ISA, with the state OAP as a top up later.
All about planning.
Go see a good IFA who specialises in pensions and investment. |  | | |
| Pension on 16:46 - Dec 7 with 4849 views | WD19 |
| Pension on 22:53 - Dec 6 by bluejake78 |
Annuities are going down pension age is going up.We are living longer.
Pension Bee would love to get commission on forgotten pensions....they don't do it for love.
Worth getting advice and Pension Wise should be your 1st port of call.
I foresee the biggest scandal of the 21C limbering up nicely.My state pension age has already been extended from 65 to 67.
2 years state pension is currently £164.35 so I've already incurred a loss of 104 x £164.35.
(over £17k)
Time for everyone to read up....start with free advice (Moneysaving expert,Pension Wise etc) Do it NOW. |
The climbing state pension age is well known, although no more palatable. The bit that will catch many out I think is that the age you are able to access your own personal pension is climbing in parallel......its not '55'...its 'whatever is 10 years less than your state pension date.
Moreover, the 10 year period is something that can be adjusted by government......so my own personal money I saved 'knowing I could access at 55', I now can't access until I am 58.....and there is every chance that date could climb further. Some scaremongers suggest the 10 year buffer could be cut to 5, meaning I won't be able to access 'my own money' until I am 63. | | | |
| Pension on 16:53 - Dec 7 with 4841 views | ElephantintheRoom |
Why not combine all your pensions in a SIPP? Pension companies are massive rip-offs taking huge premiums which kill any growth. They will also keep most if not all of your capital if they try and persuade you to take an annuity. So when the worst happens your dependents lose your capital. Bear in mind that you will pay tax on your pension. Given the rip off charges that all pension providers apply you should look closely at tax free investments such as share ISAs where high divident shares will give you high returns and possible growth. Consider a classic car as well - a tax free investment you can actually enjoy. |  |
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| Pension on 17:03 - Dec 7 with 4824 views | Burwell_Blue |
| Pension on 16:53 - Dec 7 by ElephantintheRoom |
Why not combine all your pensions in a SIPP? Pension companies are massive rip-offs taking huge premiums which kill any growth. They will also keep most if not all of your capital if they try and persuade you to take an annuity. So when the worst happens your dependents lose your capital. Bear in mind that you will pay tax on your pension. Given the rip off charges that all pension providers apply you should look closely at tax free investments such as share ISAs where high divident shares will give you high returns and possible growth. Consider a classic car as well - a tax free investment you can actually enjoy. |
I was under the impression, and I have not read any of the posts in detail just yet, that once ‘in’ a pension, the money was untouchable and had to stay under lock and key ‘in’ a pension? | | | |
| Pension on 17:14 - Dec 7 with 4798 views | ElephantintheRoom |
| Pension on 17:03 - Dec 7 by Burwell_Blue |
I was under the impression, and I have not read any of the posts in detail just yet, that once ‘in’ a pension, the money was untouchable and had to stay under lock and key ‘in’ a pension? |
Yes thats right, But you can and should consolidate all your pensions in one pot. The beauty of a SIPP is that you are in charge of your own money, And believe me, most pension providers make poor growth - they trade on the myth of 'interest-free' which hides their poor performance. Ask each provider to provide a transfer value. You caan then see what your 'pot' looks like. However, you WILL pay interest on your pension income - only 25% of your pot can be taken tax-free. Your best options depend on your age and when you want to (or can) take your pension. A self-invested ISA will provide tax free income - BUT you will have paid tax on your money before you invest. Traditionally housing has been a safe bolt hole for a pension. But I can't sell mine at present. The classic car option is for when you get your tax free cash - even something like an MGB can be an excellent investment. There are no cast iron rules other than to avoid an annuity at all costs - that is simply throwing your second biggest asset away (assuming you own your own house). | |
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| Pension on 17:16 - Dec 7 with 4789 views | Keno |
| Pension on 17:14 - Dec 7 by ElephantintheRoom |
Yes thats right, But you can and should consolidate all your pensions in one pot. The beauty of a SIPP is that you are in charge of your own money, And believe me, most pension providers make poor growth - they trade on the myth of 'interest-free' which hides their poor performance. Ask each provider to provide a transfer value. You caan then see what your 'pot' looks like. However, you WILL pay interest on your pension income - only 25% of your pot can be taken tax-free. Your best options depend on your age and when you want to (or can) take your pension. A self-invested ISA will provide tax free income - BUT you will have paid tax on your money before you invest. Traditionally housing has been a safe bolt hole for a pension. But I can't sell mine at present. The classic car option is for when you get your tax free cash - even something like an MGB can be an excellent investment. There are no cast iron rules other than to avoid an annuity at all costs - that is simply throwing your second biggest asset away (assuming you own your own house). |
I hope you are duly authorised to give such explicit financial advice? | |
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| Pension on 17:25 - Dec 7 with 4775 views | ElephantintheRoom |
| Pension on 17:16 - Dec 7 by Keno |
I hope you are duly authorised to give such explicit financial advice? |
Retired early and have been making a good living from investing - far in excess of what a pension fund would return. I was a pension trustee at a FTSE-100 company so yes I would say the general advice above is quite good based on knowledge and experience. But I bow to your superior experience | |
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| Pension on 17:27 - Dec 7 with 4767 views | Keno |
| Pension on 17:25 - Dec 7 by ElephantintheRoom |
Retired early and have been making a good living from investing - far in excess of what a pension fund would return. I was a pension trustee at a FTSE-100 company so yes I would say the general advice above is quite good based on knowledge and experience. But I bow to your superior experience |
no thats ok, I was just curious.
I wouldn't say superior experience just very expensive PI insurance!!
Impressed by "I was a pension trustee at a FTSE-100 company". Did you mind he asking if that am employee trustee or a professional role? | |
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| Pension on 00:49 - Dec 8 with 4638 views | bluejake78 |
| Pension on 16:46 - Dec 7 by WD19 |
The climbing state pension age is well known, although no more palatable. The bit that will catch many out I think is that the age you are able to access your own personal pension is climbing in parallel......its not '55'...its 'whatever is 10 years less than your state pension date.
Moreover, the 10 year period is something that can be adjusted by government......so my own personal money I saved 'knowing I could access at 55', I now can't access until I am 58.....and there is every chance that date could climb further. Some scaremongers suggest the 10 year buffer could be cut to 5, meaning I won't be able to access 'my own money' until I am 63. |
I just managed to sneek in and get 25% of my pension pot tax free at 55.My pension pot was always a risk which I used to play with (moving funds around)
I now have a 2nd property paid for.
The worry for the future is folk who don't give a damn,waste cash on new cars,live on the never never,max out credit cards and overdrafts etc.
The state will not have enough funds to support them and they + Govmt will be up s**t creek.
Personally I would love a few acres of woodland,work in progress. | | | |
| Pension on 10:38 - Dec 8 with 4524 views | Radlett_blue |
| Pension on 17:14 - Dec 7 by ElephantintheRoom |
Yes thats right, But you can and should consolidate all your pensions in one pot. The beauty of a SIPP is that you are in charge of your own money, And believe me, most pension providers make poor growth - they trade on the myth of 'interest-free' which hides their poor performance. Ask each provider to provide a transfer value. You caan then see what your 'pot' looks like. However, you WILL pay interest on your pension income - only 25% of your pot can be taken tax-free. Your best options depend on your age and when you want to (or can) take your pension. A self-invested ISA will provide tax free income - BUT you will have paid tax on your money before you invest. Traditionally housing has been a safe bolt hole for a pension. But I can't sell mine at present. The classic car option is for when you get your tax free cash - even something like an MGB can be an excellent investment. There are no cast iron rules other than to avoid an annuity at all costs - that is simply throwing your second biggest asset away (assuming you own your own house). |
You're right, except that I think you meant to say "income tax" rather than "interest". | |
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| Pension on 10:59 - Dec 8 with 4511 views | WD19 |
| Pension on 10:56 - Dec 7 by trncbluearmy |
Forget annuities
https://www.youinvest.co.uk/pensions-and-retirement/accessing-your-pension
and yes £300,000 in a SIPP taking drawdown,with sensible investment and utilising to the max the tax brakes will allow you to retire comfortable at 55,subsidised by some tax free income from a ISA, with the state OAP as a top up later.
All about planning.
Go see a good IFA who specialises in pensions and investment. |
The annuity example was purely because it was the cleanest way of indicating annual income.
I admire your optimism, but with the state pension likely to be non-existent when the time comes....and a tax raid on pensions not out of the question...I am currently working to an assumption my pot will need to be c.£800k minimum when I hit 55 (or 58+ as it will be in my case) | | | |
| Pension on 11:12 - Dec 8 with 4495 views | jimmyvet |
| Pension on 17:16 - Dec 7 by Keno |
I hope you are duly authorised to give such explicit financial advice? |
How about seeking advice from a firm of chartered financial planners? I am not sure if I was having trouble breathing I would come on here and take any advice from someone who was a first aider at work once I think I would seek professional medical advice no disrespect to elephant in the room ! | | | |
| Pension on 11:25 - Dec 8 with 4485 views | Keno |
| Pension on 11:12 - Dec 8 by jimmyvet |
How about seeking advice from a firm of chartered financial planners? I am not sure if I was having trouble breathing I would come on here and take any advice from someone who was a first aider at work once I think I would seek professional medical advice no disrespect to elephant in the room ! |
indeed, that was kind of what I alluding to
There are issues with old pensions that should be checked thoroughly before making a transfer, not least the possibility of enhanced tax free cash or guaranteed annuity rates. | |
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| Pension on 12:31 - Dec 8 with 4439 views | bluefunk |
| Pension on 11:25 - Dec 8 by Keno |
indeed, that was kind of what I alluding to
There are issues with old pensions that should be checked thoroughly before making a transfer, not least the possibility of enhanced tax free cash or guaranteed annuity rates. |
This thread makes difficult reading Keno. How many hoops do we have to jump through and how much cost is involved in providing genuine advice and yet people still listen to “bloke down the pub” (yes elephantintheroom I mean you). His “advice” in this thread could be catastrophic, as you point out. Amazing |  | | |
| Pension on 12:36 - Dec 8 with 4436 views | bluefunk |
| Pension on 17:25 - Dec 7 by ElephantintheRoom |
Retired early and have been making a good living from investing - far in excess of what a pension fund would return. I was a pension trustee at a FTSE-100 company so yes I would say the general advice above is quite good based on knowledge and experience. But I bow to your superior experience |
The usual blanket nonsense from an unqualified bloke who just happens to have some vaguely relevant experience. Anyone taking the action you suggest without the support of a qualified professional (and I mean a regulated individual with the required qualifications) deserves all they get. | | | |
| Pension on 14:17 - Dec 8 with 4384 views | jimmyvet |
| Pension on 12:36 - Dec 8 by bluefunk |
The usual blanket nonsense from an unqualified bloke who just happens to have some vaguely relevant experience. Anyone taking the action you suggest without the support of a qualified professional (and I mean a regulated individual with the required qualifications) deserves all they get. |
Far in excess of what a pension fund would return!! that is just such an unqualified ridiculous statement it’s frightening anybody reading please ignore! | | | |
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