Looking through my bits short while back I found a Scania pension account with £3500 in it, nice you may say. Well I spoke to them about taking it out and of course because I have over the minimum £18,000 in other pensions pots so I cannot have it in a lump sum, however they will start paying it out now as a pension due to my age (56). Well their generous offer very nearly knocked me over £50.65 p.a. Yep I have to live to about 126 to get MY money back.
Pensions!
- Thread starter screenman
- Start date
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Archie_tect
De Skieven Architek... aka Penfold + Horace
- Location
- Northumberland
Can you transfer it to another one of your providers? Be worth losing some of it in charges if you can. What a rip off, but doesn't surprise me.
I told Friend's Provident that if they ever stopped being a mutual society I would transfer everything from them to another society... they did, so I did. Not paying shareholders and all their hundreds of directors and managers to have big salaries and company cars and huge pay-offs paid by my hard earned pension savings. They think they come first and their costs should be paid out of our money we give them for safe-keeping... rant over.... [wound up now for the rest of the morning!!!!]
I told Friend's Provident that if they ever stopped being a mutual society I would transfer everything from them to another society... they did, so I did. Not paying shareholders and all their hundreds of directors and managers to have big salaries and company cars and huge pay-offs paid by my hard earned pension savings. They think they come first and their costs should be paid out of our money we give them for safe-keeping... rant over.... [wound up now for the rest of the morning!!!!]
asterix
Comrade Member
- Location
- Limoges or York
Presumably they are offering you an annuity? Their annuity? If your pension fund mgr has sold you a pension with an Open Market Option then you are allowed to shop around for a better offer based on the value of your fund. They should have told you that. Even if you don't have an OMO you should ask how they arrived at such
You are allowed to take 25% of ALL pensions tax free. You are also able to shop around (as stated above). However I have just started to take from 3 separate pensions (one of them makes yours look possitively MASSIVE
) but I found Scandia to be the best for 2 of them.....not much in it but still best.
) but I found Scandia to be the best for 2 of them.....not much in it but still best.
biggs682
Itching to get back on my bike's
- Location
- Northamptonshire
pensions are a nightmare
cookiemonster
Squire
- Location
- Hong Kong
I don't have a pension.
No intention of paying directors and shareholders and I've never been in the position of affording one.
No intention of paying directors and shareholders and I've never been in the position of affording one.