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**Hugh** · 13-10-2021, 13:22

Pensions!

Like a growing number of people, I have had a number of jobs over my working lifetime, which has meant I have ended up with 7 different (small) pensions - now, the 4 Defined Benefit ones are easy (I've taken them, as they all rise with inflation each year, and SWMBO still gets half the payments should I pop my clogs).

The moan is the three defined contribution pensions I have from 3 jobs I worked at in the 80s, 90s, & 00s - three different schemes (Aviva, Standard Life, and was L&G now LCP ReAssure); I've got the fund values and the transfer values for each of them (they can be different), now got to figure out the best way to utilise them as retirement funds.

a) not an annuity - I would need to live 30 more years to get the value of the fund if I took one, and nothing gets passed on to SWMBO

b) probably a SIPP Drawdown fund, as this gives me more flexibility, and if I pop my clogs before the fund is empty, SWMBO gets what's left

Just need to look for the best SIPP - thinking about either Vanguard or Aviva, as both have very good ratings.

I've had initial chats with some Financial Advisors, and I have to say I was struck by how "shark-ish" they were - one advised me to move two of my pensions immediately to a higher risk fund (he would get commission for the move and the ongoing fund management) as the bonus payment on them wasn't guaranteed; when I checked, the bonus payments were guaranteed. The others just seemed to want to transfer me to schemes where they would get ongoing commission, even though I was willing to pay a one off fee for (supposedly) impartial advice.

The moan is that I didn't realise it would be this much work...

(could be worse - could not have them.. )

13-10-2021, 13:22	#6944
Hugh laeva recumbens anguis Cable Forum Team Join Date: Jun 2006 Age: 68 Services: Premiere Collection Posts: 43,621	Re: Moans and Pet Hates - Part 8 Pensions! Like a growing number of people, I have had a number of jobs over my working lifetime, which has meant I have ended up with 7 different (small) pensions - now, the 4 Defined Benefit ones are easy (I've taken them, as they all rise with inflation each year, and SWMBO still gets half the payments should I pop my clogs). The moan is the three defined contribution pensions I have from 3 jobs I worked at in the 80s, 90s, & 00s - three different schemes (Aviva, Standard Life, and was L&G now LCP ReAssure); I've got the fund values and the transfer values for each of them (they can be different), now got to figure out the best way to utilise them as retirement funds. a) not an annuity - I would need to live 30 more years to get the value of the fund if I took one, and nothing gets passed on to SWMBO b) probably a SIPP Drawdown fund, as this gives me more flexibility, and if I pop my clogs before the fund is empty, SWMBO gets what's left Just need to look for the best SIPP - thinking about either Vanguard or Aviva, as both have very good ratings. I've had initial chats with some Financial Advisors, and I have to say I was struck by how "shark-ish" they were - one advised me to move two of my pensions immediately to a higher risk fund (he would get commission for the move and the ongoing fund management) as the bonus payment on them wasn't guaranteed; when I checked, the bonus payments were guaranteed. The others just seemed to want to transfer me to schemes where they would get ongoing commission, even though I was willing to pay a one off fee for (supposedly) impartial advice. The moan is that I didn't realise it would be this much work... (could be worse - could not have them.. ) __________________ Thank you for calling the Abyss. If you have called to scream, please press 1 to be transferred to the Void, or press 2 to begin your stare. If my post is in bold and this colour, it's a Moderator Request.