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Retirement


After some advice , been on here years but want to remain private so the mods let me have another temporary account just for this then I will delete it afterwards.

Just posted a new thread 5 mins ago but the first reply was get it on here for more exposure.So here I am.


Any Pension experts advice welcome or those who are clued up.
My details roughly .

Approaching 60
House paid off
No debt
Working part time ATM.

Got 2 pensions to sort out.
1st pension I can either take a CETV of 214 k and transfer it out and get someone to manage it ....or the other option is an annuity of a 67k lump sum and 10,200 p.a rising split between rpi and the trustees deciding every year the percentage rise.

2nd pension is a small one 42k

Both off old jobs so not contributing into either now .


So ....do I get someone to transfer the 42k into the 214 k and get someone to manage that ?

Or would I be better taking the 67k lumper and 10,200 p.a rising with inflation ,and getting advice with the smaller pension of 42 k .


In just over 7yrs I will hit the state pension age and will receive the maximum on top of what's already coming in from my pension or annuity.
Don't get out much ,not into designer stuff etc gadgets,cutting the drink out at home to lose some weight so outgoings are not extravagant.

I'm thinking at the minute the annuity is the sensible/ safe option and get some advice on what to do with the smaller 42k pension.

But my thinking is the next 10/15years ( health permitting)are the golden years to get a few holidays abroad a year /do stuff/experiences etc before you (hopefully )hit early 70s where i'd imagine you really start to slow down.

For me that would need more money earlier on so would the CETV be better ?

Is it a case of CETV loads of money now but when it runs out you have to live off your state pension.....or annuity 67 k lump sum and a steady income that will just about double when you hit 67 with the state pension kicking in.

Any advice welcome
Also any I.F.A recommendations or Pension advisors around the Sunderland area welcome.
 
Unless you work for RR the chances of you getting your DB transferred to a DC is virtually none existent.
What is the £42K is that another CETV or a DC pension? AFAIK you can't transfer a DC into a DB
What other savings do you have?
 
Nearly there said:
After some advice , been on here years but want to remain private so the mods let me have another temporary account just for this then I will delete it afterwards.

Just posted a new thread 5 mins ago but the first reply was get it on here for more exposure.So here I am.


Any Pension experts advice welcome or those who are clued up.
My details roughly .

Approaching 60
House paid off
No debt
Working part time ATM.

Got 2 pensions to sort out.
1st pension I can either take a CETV of 214 k and transfer it out and get someone to manage it ....or the other option is an annuity of a 67k lump sum and 10,200 p.a rising split between rpi and the trustees deciding every year the percentage rise.

2nd pension is a small one 42k

Both off old jobs so not contributing into either now .


So ....do I get someone to transfer the 42k into the 214 k and get someone to manage that ?

Or would I be better taking the 67k lumper and 10,200 p.a rising with inflation ,and getting advice with the smaller pension of 42 k .


In just over 7yrs I will hit the state pension age and will receive the maximum on top of what's already coming in from my pension or annuity.
Don't get out much ,not into designer stuff etc gadgets,cutting the drink out at home to lose some weight so outgoings are not extravagant.

I'm thinking at the minute the annuity is the sensible/ safe option and get some advice on what to do with the smaller 42k pension.

But my thinking is the next 10/15years ( health permitting)are the golden years to get a few holidays abroad a year /do stuff/experiences etc before you (hopefully )hit early 70s where i'd imagine you really start to slow down.

For me that would need more money earlier on so would the CETV be better ?

Is it a case of CETV loads of money now but when it runs out you have to live off your state pension.....or annuity 67 k lump sum and a steady income that will just about double when you hit 67 with the state pension kicking in.

Any advice welcome
Also any I.F.A recommendations or Pension advisors around the Sunderland area welcome.
Click to expand...
Do you have any other savings/investments/pensions? Are you still working or planning to retire? CETV values took a massive hit after the Liz Truss debacle and I'm not sure they've recovered to the highs they were at. As such the 67k lumper and 10k annuity is a much better deal imho.
 
Nearly there said:
1st pension I can either take a CETV of 214 k and transfer it out and get someone to manage it ....or the other option is an annuity of a 67k lump sum and 10,200 p.a rising split between rpi and the trustees deciding every year the percentage rise.
Click to expand...
Just this bit separately. You'll get £67k either way, so it's a decision between £147k and £10200pa with some level of inflation proofing.

When I looked £100k would only buy you an annuity of around £4500, so £10k for £147k seems pretty decent to me.

Chatgpt reckons you can't move the DB pension without first speaking to an FA
 
You can have a free hour appt with pension wise (government backed) which is a start in pointing you in right direction. Have a look on gov website.
 
ShoutyBearHead said:
I've got a couple of DBs from old employers - was just checking them yesterday, 1 will give me the princely sum of £350 a year and the other a whole £35 :)
Click to expand...
If the CETV is less than £30k you don't need to take any advice to transfer it out 👍
The £35 seems especially low are you misreading the statement? I could see £350 if you'd only contributed for 1 year
 
ShoutyBearHead said:
I've got a couple of DBs from old employers - was just checking them yesterday, 1 will give me the princely sum of £350 a year and the other a whole £35 :)
Click to expand...
I can beat that, I have one for about £26, that's not yearly that's the total in the pot! I'm just going to leave it and hope they make me an offer of a one off lump sum to take the lot. At the moment it must be costing them more to send out statements every year than my pension is worth.
 
Town End Farmer Giles said:
Walked the dog, sitting with a coffee sorting out my Cheltenham selections before popping out for a pub lunch. Bliss.
Click to expand...
Had a few days up at my mam's, doing a load of DIY job for her.

Got home, have a lot of tools to unpack, and I'm still only half way through sorting out the shed. It is a bit too cold to really consider starting anything in my veg patch, but I could do a couple of hours of tidying. The grass needs cutting, and I noticed in the shower this morning some of the paint on the ceiling is flaking, and black marks appearing on the grout.

All these jobs that need doing, and I actually like doing most of them. Except I'm back at work, and had 12 Teams chats and 82 emails to catch up on after just 3 days away. Working sucks.
 
DaveH said:
Had a few days up at my mam's, doing a load of DIY job for her.

Got home, have a lot of tools to unpack, and I'm still only half way through sorting out the shed. It is a bit too cold to really consider starting anything in my veg patch, but I could do a couple of hours of tidying. The grass needs cutting, and I noticed in the shower this morning some of the paint on the ceiling is flaking, and black marks appearing on the grout.

All these jobs that need doing, and I actually like doing most of them. Except I'm back at work, and had 12 Teams chats and 82 emails to catch up on after just 3 days away. Working sucks.
Click to expand...
Delete the emails if its important they will email you again
 
Mantobar said:
Delete the emails if its important they will email you again
Click to expand...
:D tempting.

My manager in a former job suggested that when people are on leave, we should put a block in place where they can not receive emails, because you lose the first morning after being away, just ploughing through it all.

Though he never used to respond to half the mails sent while he was there anyway.
 
Thank you for all the replys and very good advice, I shall try and condense my reply into one post.

I will definitely seek a F.A and not just go off what I read on a footy forum but some of the replys are on the nail as you will read later.

I managed to have a chat with a pension advisor today ,told her the figures as above ,I will book a proper face to face appointment soon but over the phone she practically said what a few replys have stated above.

She doesn't recommend or think any financial advisor would to transfer the CETV out and get someone to manage it.

The way to go is take the annuity 67k pot and 10.2k a year rising with inflation,in 15 yrs you have the equivalent to the CETV value and no stress about stocks shares wars etc.
She said if the pot was 350k or above then that's a different story .

The small 42 k one just use as a rainy day fund ,10 k out tax free then after that any withdrawal has 20% tax to pay .

So thank you for some really on the ball replys ,It goes to show we have some clued up posters on here but as they said and as I have done today always seek advice from a reputable Financial/ pension advisor.

I still want to see another F.A for there point of view ( even though I'm 99% sure they will tell me the same )
So could anyone recommend one around the Sunderland area,preferably one you have used in the past and got good feedback/ results .

As a footnote my cetv around 10 yrs ago was 300k now it's 214k
I asked the F.A if I sat tight how long would it be to recover to 300k and she said it would be a long time ,10 yrs plus and when the cetvs were at their highest a few years ago something had happened in the market ( can't remember term she used) that hadn't happened for years and she said it would be a while if/ when it would happen again .
And waiting for it to claw it's way back I'd be losing 10.2k a year rising each year waiting for it.
 
Remember as well, I'm assuming the IFA will have looked at the figures, the £67k being "worth taking" is linked to the commutation rate 👍
As a shit example i.e completely exaggerated for effect :D you could get £67k tax free and £10k PA or no tax free money and £20k PA
Also if you're married the DB will have a spouse pension as well.
Remember while the DB is £10200 you can take £2370 tax free from the £42k pension pot, just tweak it every year (12570- whatever the DB pays) that's if you are fully retired and that's your only income
 
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ShoutyBearHead said:
I did misread it, it’s £76 a year 😂

It’s for about 4 months graft from around 1996
Click to expand...

I've got a policy somewhere which had around £300 worth of contributions from a job in 1999. What with house moves and the pension company going through several mergers and acquisitions I've totally lost track of it.
 
DaveH said:
Had a few days up at my mam's, doing a load of DIY job for her.

Got home, have a lot of tools to unpack, and I'm still only half way through sorting out the shed. It is a bit too cold to really consider starting anything in my veg patch, but I could do a couple of hours of tidying. The grass needs cutting, and I noticed in the shower this morning some of the paint on the ceiling is flaking, and black marks appearing on the grout.

All these jobs that need doing, and I actually like doing most of them. Except I'm back at work, and had 12 Teams chats and 82 emails to catch up on after just 3 days away. Working sucks.
Click to expand...

I'd rather be answering emails than tending a vegetable patch 😂
 
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