My employer has just ended our Defined benefits (final salary) scheme (which is now frozen) and moved those of us who were in it onto the defined benefits scheme. I'm 57 and thinking of retiring at 60, or earlier if I get too pissed off with working. I'm not very savvy with all things financial, so am looking at a drawdown pension which most workmates who are/have retiring are now on. I divorced several years ago and the ex can claim 32% of my pension. I have just received my POT figures which have already taken that into account so I know how much I have left to move onto this. Any recommendations on a good firm to use ? A lot of the guys have gone with ST James Place. Anyone have any opinions of this firm ?
I’ve used STJ, they were ok until you stopped or wanted to change from a big to small commitment and they weren’t great. I work for NFU Mutual and, can say after 25 years in finance industry, are probably the most trustworthy one out there. Worth a chat anyway
My ex used to work for ST James place. She was a cunt, but I understand the firm are okay. final salary pensions are a dying thing. It’s a shame. My ex as a pensions advisor prior to getting into wealth and asset management always told me nobody in their right mind would transfer a final salary pension.
My final salary pension is now frozen and will only gain basic interest. Guys who've moved into a drawdown are quoting circa up to 7% I think. And can take out a bigger monthly payment. I was thinking this would be better, and I'll get state pension in another 10yrs too. Is this a bad idea?
Have a look at pension wise -may be a source of useful Independent information https://www.moneyhelper.org.uk/en/pensions-and-retirement/pension-wise?source=pw#
Never take advice from ‘ guys’. Do your own research for your own decision, everyone is different and ‘ guys’ sometimes don’t always own up to mistakes or poor decisions.
Get professional advice. Don’t be afraid to pay proper money for it. It will pay for itself in the end.
Remember, it can go down as well as up….many lost most or all of theirs when Norton stole, I mean invested, their money. BTw I’m looking at similar: would rather take all the money, stick it in zero interest even and then draw down over 25 years at a good rate as after that I’ll be living in my own piss anyway so state and £10k pa can take care of me
I have this open more than ebay https://www.which.co.uk/money/pensi...how-to-invest-in-income-drawdown-a0yd43t2ydkp
As has been said get good independent financial advice. It may cost a few quid but it’ll pay for itself pretty quickly IME.
We get a free session with a financial advisor as part of the closure consultation so will be using that first and see what they say. I will need professional advice as I'm thick as fcuk where moneys concerned I'll also check out that link bradders, cheers
im in a similar position, want more control over the money rather being drip-fed until your time is up. Don’t mind paying good money for good finance advice. Can anyone recommend a good firm?
That's an option lol. I'll have 290K to last 10yrs till state pension kicks in. If I only use half that I'll still be able to get by, no mortgage to pay off either. Fcuk, I could finish next week if I think I have my maths correct
