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Retirement

Darlo1973 said:
I'd be looking at what kind of fund it is invested in. Most schemes will give you a choice to change the investment but the default one is often chosen for the firm's benefit rather than yours.


Yup - £500 is the going rate for Sunderland:
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Not sure it's chosen for the firms benefit, but aye he should look at what fund it is in
 

Matt Hopkins said:
Not sure it's chosen for the firms benefit, but aye he should look at what fund it is in
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I got screwed over in my first workplace pension (I was only 21 so knew no better) where almost all of the contributions from the first year went back to the trustees (i.e. the firm) as commission. At the end of the first year my statement only had a value of something like £300. This was back in the days before Stakeholder rules so probably wouldn't be allowed now.
 
heroesof73 said:
Coming up to 4 Years for me. Left a job I loved (albeit couple of months after SPA) after 20 months in UAE when Mrs H diagnosed with Mild Cognitive Disorder/Impairment. Confirmed as Alzheimer`s about 18 months ago. Done loads of Holidays since but getting more difficult now as She is likely to wander off--even when with Family/Friends and stop to take a photo and gone!
Respite break booked for me early Nov (stress of sorting respite care and probably start a thread on that!) Going out to NZ to see Son and family early Dec for 8 weeks where I will have there support. Another respite break booked for Feb--feckin tough after over 50 Years together and over 48 married but health professions advice followed.

Make the most of it All!
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So sorry to hear that Marra, i can only relate to a point as i cared for my Mam through this terrible disease, i can’t even imagine how hard it must be if it’s your partner of 50 years, heartbreaking. What i do know is that the respite breaks are important, you can only care for your Wife if you are fit and healthy yourself, easy to say but hard to be at ease with as per your post. Take care Marra and good luck to you and your good lady.
It sounds like you have loads of fantastic family support but remember plenty of support on here if you need it, they are all a fantastic bunch and one thing i’ve learned is they step up for one of their own.
 
Sunderland Til I Cry said:
So sorry to hear that Marra, i can only relate to a point as i cared for my Mam through this terrible disease, i can’t even imagine how hard it must be if it’s your partner of 50 years, heartbreaking. What i do know is that the respite breaks are important, you can only care for your Wife if you are fit and healthy yourself, easy to say but hard to be at ease with as per your post. Take care Marra and good luck to you and your good lady.
It sounds like you have loads of fantastic family support but remember plenty of support on here if you need it, they are all a fantastic bunch and one thing i’ve learned is they step up for one of their own.
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Cheers Marra, appreciated. Not sure if I made clear that my wife is coming to NZ as well. But Yes Admiral Nurse, Mental Health Nurse and Social Worker all telling me I need to think about my own wellbeing as well. Great support off them and Admiral Nurses are launching a monthly walk where a few of us in same position can meet up to get and give ideas that might help, first one the morra so hopefully we'll attended
 
heroesof73 said:
Cheers Marra, appreciated. Not sure if I made clear that my wife is coming to NZ as well. But Yes Admiral Nurse, Mental Health Nurse and Social Worker all telling me I need to think about my own wellbeing as well. Great support off them and Admiral Nurses are launching a monthly walk where a few of us in same position can meet up to get and give ideas that might help, first one the morra so hopefully we'll attended
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That sounds fantastic Marra, the walk sounds a cracking idea. Enjoy it.
 
Darlo1973 said:
I'd be looking at what kind of fund it is invested in. Most schemes will give you a choice to change the investment but the default one is often chosen for the firm's benefit rather than yours.
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Yes I've been looking

It's basically in a Multi Asset pot ( mainly stocks ) and has grown by 17% in iast 5 years which is dismal imv.

Global equities funds have risen 50%+ in 5 years in some cases

Switching the allocation online is a bit confusing so I ve asked them to look into it.

Amazing isn't it - you pay someone a fee to manage your investment amd they let it stagnate in a dead pool
 
flat as a witches tit it seems at the minute, most of mine are in equities and they've ground to a half. I'm in no rush but its a bit shit watching them stagnate.
 
Darlo1973 said:
I got screwed over in my first workplace pension (I was only 21 so knew no better) where almost all of the contributions from the first year went back to the trustees (i.e. the firm) as commission. At the end of the first year my statement only had a value of something like £300. This was back in the days before Stakeholder rules so probably wouldn't be allowed now.
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I was screwed transferring. Hindsight says I should have waited.

I worked for 4.5 years paying into a university pension and then moved to the police. Another public sector pension, exactly the same deal, even the same Liverpool building it was run from. Seemed worthless having two, so I merged them.

I hated the police job and went back into the Uni sector after 15 months. Tried to transfer my police pension back, they did a valuation and said it was worth 4 years. Back then it was final salary so the number of years mattered. It should have been 6. I looked into it and there was not much I could do. I asked them to justify how the amount I moved out had dropped by half a year because of me adding another 15 months to it. They said it was a complex calculation.

We all know it is calculated by amount in minus the maximum they can get away with to fuck you over.
 
Slim999 said:
Where are you now ?

My L&G pension pot hasn't budged in the past 4 years . That's a fact

Don't hate the UK at all In fact

Just some of the absolute wankers in it - particularly those in charge
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Have you chosen your own funds or have you invested in the default arrangement (where it’s chosen for you).
 
Slim999 said:
Yes I've been looking

It's basically in a Multi Asset pot ( mainly stocks ) and has grown by 17% in iast 5 years which is dismal imv.

Global equities funds have risen 50%+ in 5 years in some cases

Switching the allocation online is a bit confusing so I ve asked them to look into it.

Amazing isn't it - you pay someone a fee to manage your investment amd they let it stagnate in a dead pool
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You do realise if you're still in a company scheme the chances are you aren't paying for the pot to be actively managed. You'll be put in a default fund unless you pick your own in which case it's all on you.
Looking at your performance I'd reckon its about 40% shares.
Temple of Doom said:
Have you chosen your own funds or have you invested in the default arrangement (where it’s chosen for you).
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Bollix didn't see that :D
 
Matt Hopkins said:
You do realise if you're still in a company scheme the chances are you aren't paying for the pot to be actively managed. You'll be put in a default fund unless you pick your own in which case it's all on you.
Looking at your performance I'd reckon its about 40% shares.

Bollix didn't see that :D
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Many people don’t realise that these type of schemes use a process called lifestyling which means the fund begins to de-risk as you get older. How old are you @Slim999?
 
Matt Hopkins said:
Yeah I can't see much point in these lifestyling options if you want to go into a drawdown. Maybe if the lifestyling part was over a shorter period instead of 10yr plus
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I've turned the lifestyling option off on mine. Bit of a risk but hopefully the upside is worth it.
 
DaveH said:
I was screwed transferring. Hindsight says I should have waited.

I worked for 4.5 years paying into a university pension and then moved to the police. Another public sector pension, exactly the same deal, even the same Liverpool building it was run from. Seemed worthless having two, so I merged them.

I hated the police job and went back into the Uni sector after 15 months. Tried to transfer my police pension back, they did a valuation and said it was worth 4 years. Back then it was final salary so the number of years mattered. It should have been 6. I looked into it and there was not much I could do. I asked them to justify how the amount I moved out had dropped by half a year because of me adding another 15 months to it. They said it was a complex calculation.

We all know it is calculated by amount in minus the maximum they can get away with to fuck you over.
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When you moved back, was it on a similar salary or a promotion? As if the latter, it'll probably explain it
 
Temple of Doom said:
Many people don’t realise that these type of schemes use a process called lifestyling which means the fund begins to de-risk as you get older. How old are you @Slim999?
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60 . I realised that as my stated retirement age was 65 that they'd moved much of my pot into low risk . Gilts for example which performed shite for 2 years .

I pushed the retirement age back 5 years and this seems to have taken away the derisking. I'm retired actually and no longer pay in - but it's still invested and I pull of £15k each year .

There's about 200k sitting in there now .I also have a FS pension but that is only a few grand per annum

Good comment on fund choice though - I'd foolishly though that the scheme was picking the best options for me - but now I see that if I'd gone with global equities I'd possibly be about £40k ahead of where I currently am

I'm onto it now though
 
Slim999 said:
60 . I realised that as my stated retirement age was 65 that they'd moved much of my pot into low risk . Gilts for example which performed shite for 2 years .

I pushed the retirement age back 5 years and this seems to have taken away the derisking. I'm retired actually and no longer pay in - but it's still invested and I pull of £15k each year .

There's about 200k sitting in there now .I also have a FS pension but that is only a few grand per annum

Good comment on fund choice though - I'd foolishly though that the scheme was picking the best options for me - but now I see that if I'd gone with global equities I'd possibly be about £40k ahead of where I currently am

I'm onto it now though
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Sadly it’s prohibited to charge an advice fee on this type of plan therefore the government have decided what’s best for people in retirement when in actual fact in most cases its not what’s best for people in retirement. They are f***ing clueless like.
 
Slim999 said:
I'm onto it now though
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That's the crux of the matter. You've realised you were probably in the wrong fund and are now doing something about it. Good luck whichever way you decide to go 👍
Temple of Doom said:
Sadly it’s prohibited to charge an advice fee on this type of plan therefore the government have decided what’s best for people in retirement when in actual fact in most cases its not what’s best for people in retirement. They are f***ing clueless like.
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Yeah I tracked what my pot would have been in the default one compared to what I picked there was quite a bit of difference. Unfortunately you can't really tell people you work with what you think they, possibly, should be in so it's down to the individual and quite a few people have no idea about pensions. As I've said before some people think just because they have a company pension they are sorted, sadly from what I've seen nothing could be further from the truth.
 
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