Pensions advice, please.

[Flick of the Elbow]

Please don't take advice from here...go see an ifa, a worthwhile investment

Some of my colleagues have seen IFAs and have reported typical fees of £4 to £5k. They also note that you need to have a pretty focused idea of what you need before you see them otherwise they end up costing you even more. Which is why I'm asking here.

 

[vernon]

Some of my colleagues have seen IFAs and have reported typical fees of £4 to £5k. They also note that you need to have a pretty focused idea of what you need before you see them otherwise they end up costing you even more. Which is why I'm asking here.

The value of free advice matches that of the compensation package when following it leads to disaster.

 

[midlife]

I'm 57 years 10 months and 7 days old and I get made redundant when I'm 57 years 11 months and 24 days old with a redundancy payment that's the equivalent of a year's net salary that is tax free.

I have to decide whether or not to take a 9% actuarially reduced pension and lump sum at 58 and have fun with the redundancy payment or live of the redundancy payment for a year and take a 4% actuarially reduced pension and lump sum.

I am minded to have fun though I might get different advice at the teacher's retirement course that I'll be attending next month.

It's what you do until daddy takes the T-Bird away

Shaun

 

[slowmotion]

I had a couple of pension schemes with Equitable Life before it went belly up. I didn't lose too much compared to others, and moved over to Standard Life. A few years ago, I went to see a firm of pensions experts. After two hours, my head was reeling but I gathered that they wanted me to embark on a brilliantly clever "vehicle" with them. A few days later, a 40mm thick document dropped through the letter box.

I totted up all the set-up costs and the various management fees. For the next decade, 30p in every pound that I thought might be going into my pension pot would actually be going straight into the experts' wallets. It wasn't a very attractive scenario.
BTW, my smart friends bought property somewhere.