Archive for Over the Gate Join in for a friendly chat over the gate about home and country matters. (Nominated Charity The British Heart Foundation)
 


       Over the Gate Forum Index -> Making Ends Meet
Digindeep

Pensions

With now only six weeks to go, I've now applied for my Gov. pension and my self employment private pension.
The Gov. one is what is/will be. However since I  applied for my Gov. pension, I've discovered others, four in total. Yes a bonus, to hopefully add to my private pension.
To be honest the whole lot added together would just about build a small extention to our house. So not a fortune...

So, have any of you any advice, background knowledge in pensions ?

Any advice would be gratefully received...many thanks in anticipation  
kaz

I don't know anything about pensions  but I will watch with interest to see what others say.
Digindeep

Just as I sit now Kaz..never took any real notice...did what I thought or was instructed as the Right thing to do...

Paid in my pennies.....ect...now its all a Maze....??

You can draw upto 25% upto a certain amount....or place it all into "YET" another fund...

What happened to the predictions I was orgionaly quoted?

I want to do the best possible, for Jean's and my future....Ships...

I,ve made an appointment with an "Advisour"...if he dares mention a percentage....


  I know what I will say....

Thanks for answering Kaz.... ....my rant over...
sod

All the best sorting that one out   please let us know how you get on
goodlife

if you want a cash sum pick the one that pays the figure you want because i think you can only draw from one you are doing the right thing in seeking advice as it is a mine field and if you go over a certain amout you will end up paying tax
Lorrainelovesplants

Although John is still a sprightly 55, he took his occupational paension at 50.  And i think it was the right choice for us.
Dont know anything about OAP but John was of the view that to take a monthly pension against a lump sum and pension was riht for him.
When i came out of the police on an ill health, I took a lump sum and a monthly pension - this was a great move for me and i dont regret it.

I think you do need to take advice - we did.
I also think what can be right for one person could be wrong for another.

You need to look at things like - if you have dependents, outstanding mortgage, your current health.

Our mortgage is paid off, so if anything happens to us, the kids get the house to split.  We need a bit of 'fun' money so the pension funds this.
Canburne

+1 for taking proper independent advice. Under no circumstance allow your pension provider to sell you an annuity unless that is in line with your indpendently advice.

I was also told that if you put off your pension for say five years you will never get a big enough increase in the pension to compare with the amount of pension you would receive over that five years particularly with todays current situation.
Digindeep

Firstly thanks all for answering this,,,,its a mine field.....and I appreciate all your answers.. thanks again...
As of this moment, I'm still trying to sort things out...
As you have all pointed out, what suites one person does not always suit the other.
Just to be light hearted, before I continue...one pension scheme has turned up today,,,wow!...taken out by my employer back in 1984...now worth 43.03 ...25% draw out..as a lump sum...    
He was a tight "B"....
Well such is....  

I now have a second appointment, hopefully to put all these minor ones together...
Basically what I'm looking to do is "A" draw out a lump sum...from the total of pensions...,,
"B" add something to my Gov' pension and private pension.
"C"...leave a Widowers pension.....

April the 2nd...I will yet again see an advisor ...hopefully this one will make it to the meeting...the last one....could not make the 10 o'clock appointment....Her Daughter had taken ill.....

So why not contact me to say so....???

I'll say no more for the time being, but thanks again to you all for answering  

Thanks
Digindeep

For the past few days and after appointment after appointment visiting various advisors....am I really any the wiser? I'll let you judge...

Final Salary Pensions, are what they are and cannot be transfered into Equity funds.
Depending on your FSP supplier, you can usually draw upto 25% of its total value, once and once only. However depending upon the amount withdrawn you may be liable to be taxed. Then draw a salary. If you wish to leave a widow/widowers fund, then you would draw a smaller salary.

Personal Private Pensions, you can put them into an Equity fund. However most equity funds require 20.000 plus to do so. Even at 20-30.000 the interest is hardly worthwhile and would therefore not make much difference to your say monthly salary. To make this worthwhile you need your total to be mega figures.
With a PPP you can draw upto 25% as a cash lump sum, then a monthly or yearly salary. Again as with FSP you can also set up a widow/widowers pension to continue after your demise for your partner.

Hope I've managed to explain all the info , plainly.
All thats left for me now is to make my mind up as to which, what will be the right path for myself and family.

12Bore

Lottery tickets...

       Over the Gate Forum Index -> Making Ends Meet
Page 1 of 1
Create your own free forum | Buy a domain to use with your forum