Pension pot

[Morrisboy]

I retire in three months and have a query regarding a small pension pot.
Our company DC scheme only allows for buying an annuity of taking the whole pot as uncrystallised funds. I do not wish to do either. I would prefer to be able to drawdown when I wanted to. I realise that I will have to transfer the pot, but where to? I do not want a high risk but some return would be nice. Investing is a black art to me so it needs to be low management.
Any thoughts.
I will have the state pension and two other pensions, this is my "play" pot.

[otherman]

You can take the UFPLS and transfer it to another provider, then drawdown from there.

[Mr Pointy]

There's a long thread stuck to the top of this forum:

https://www.pistonheads.com/gassing/topic.asp?h=0&...

Have a read.

[Squiddly Diddly]

Or make an appointment with a local independent financial adviser.

[putonghua73]

Squiddly Diddly said:

Or make an appointment with a local independent financial adviser.

Speak with JulianPH, Derek, etc for an initial conversation to discuss options, attitude to risk retirement plans, etc. The main risks are:
- will your pension pot last c30 years based upon your expected annaul drawdown rate?
- will your pension pot grow at a rate that keeps up with expected inflation?
- sequence risk of returns for your pension pot in the first 10 years?

Trusted paid advice could you save you a LOT of money when you really need it [deaccumlation period], and allow you to sleep easily

All the best for your forthcoming retirement!

[JulianPH]

Thanks for the mentions guys.

OP - Feel free to send me a PM if you would like to have a chat about the options open to you (and the pros and cons of each). I am sure Derek would happily offer you the same.

[Morrisboy]

Many thanks for the replies (and the best wishes!).


I have read through the long thread at the top, it would help if I understood over half of it.

Putonghua73, fortunately I don't have to worry about making it last etc., I just need to use it wisely.

JulianPH many thanks for the offer,you have an incoming PM. You did notice it was a small pot

[Welshbeef]

Have you started to draw state pension yet?

If not you could delay state pension for a few years and then draw out this pension paying you what the state pension would each year then switch back to a higher state pension

Or does your state pension plus your other pension + taking this whole pot in one go stay under £50k iF yes well why not take it out all in one go pay the 20% tax you’d pay it anyway + delaying state pension a few years — you might never live long enough to recover the whole delay it’s a gamble.

[JulianPH]

Morrisboy said:

JulianPH many thanks for the offer,you have an incoming PM. You did notice it was a small pot

You have mail!

As mentioned within, the pot size is irrelevant. It is the context and larger picture that is most important.

[Morrisboy]

It's not under £50k. Thanks for the ideas though.

[Morrisboy]

Hi JulianPH,

did you get my second mail? My email address is wrong on the forum and I can't seem to change it.

EDIT. Got it! Thanks!

Edited by Morrisboy on Thursday 30th May 15:40

[JulianPH]

Morrisboy said:

Hi JulianPH,

did you get my second mail? My email address is wrong on the forum and I can't seem to change it.

EDIT. Got it! Thanks!

Edited by Morrisboy on Thursday 30th May 15:40

Received and replied!

[Morrisboy]

A big public thank you to Julian for taking the time to have a long chat today! Very much appreciated.

[Welshbeef]

Morrisboy said:

It's not under £50k. Thanks for the ideas though.

Small pension pot .... but >£50k

PH director types £250k small beer

[CAPP0]

Welshbeef said:

PH director types £250k small beer

You say that in a mocking fashion - but if, as someone looking today would be, you retire at 65 and assume a 20 year retirement, then excluding any investment growth your £250k will enable you to draw down a massive.........£12,500 a year. Which isn't really going to go very far.

[JulianPH]

Morrisboy said:

A big public thank you to Julian for taking the time to have a long chat today! Very much appreciated.

No problem whatsoever and thanks for the feedback!

You know where we are if you need us.

Cheers!

[Morrisboy]

Welshbeef said:

Small pension pot .... but >£50k

PH director types £250k small beer

It IS a small pot. And this "PH director type" is a building services tech. Twice divorced. You work it out.


But thanks for your input

[Welshbeef]

CAPP0 said:

Welshbeef said:

PH director types £250k small beer

You say that in a mocking fashion - but if, as someone looking today would be, you retire at 65 and assume a 20 year retirement, then excluding any investment growth your £250k will enable you to draw down a massive.........£12,500 a year. Which isn't really going to go very far.

I’d be going for 8% draw down so £20k plus full state pension total c£29k


Op and others it was tongue in cheek no need to get all het up about it.

[anonymous-user]

Morrisboy said:

Welshbeef said:

Small pension pot .... but >£50k

PH director types £250k small beer

It IS a small pot. And this "PH director type" is a building services tech. Twice divorced. You work it out.


But thanks for your input

Ignore welshbeef, he's probably not pissed enough yet. Once he gets on it he'll realise he's intimated that he thinks £50k is a big pot and start backpedalling and waffling about yards and stuff.

[Welshbeef]

Badda said:

Ignore welshbeef, he's probably not pissed enough yet. Once he gets on it he'll realise he's intimated that he thinks £50k is a big pot and start backpedalling and waffling about yards and stuff.

Oh god here comes the BS from snowflakes.

Do you lot never have any banter or leg pulling or do you actively put people down? If so change because it doesn’t suit you sorry if that sounds rude but you’ve not been very nice in the above post so anything goes so to speak.