Retirement

[PNWokingham]

The point is they have to provide the full advise, it's the law. No matter how smart you are. It stops people making bad decisions

So it's a good thing. Would you rather be told too much or not enough?

i totally disagree. The almost impossible hoops to jump through to move a defined benefit to a SIPP that you can control and pass on through inhertitance that is even outside inheritance tax (at least for another 2 days!!) is beaurocratic madness. I transfered one a few years ago and it cost thousands and even then it was hard to get the ok - and i am a fund manager with nearly 30 years experience. When rates were zero for a few years the transfer values were massive and for most people it would have been the right choice, especially if combined with an IFA managing the outcome for those that need it. You could have just lived off the income of decent yielding equities/ equity income funds and got more than the annual DB amount and kept full ownership of the entire pie of money and anycapital growth

 

[PJ87]

i totally disagree. The almost impossible hoops to jump through to move a defined benefit to a SIPP that you can control and pass on through inhertitance that is even outside inheritance tax (at least for another 2 days!!) is beaurocratic madness. I transfered one a few years ago and it cost thousands and even then it was hard to get the ok - and i am a fund manager with nearly 30 years experience. When rates were zero for a few years the transfer values were massive and for most people it would have been the right choice, especially if combined with an IFA managing the outcome for those that need it. You could have just lived off the income of decent yielding equities/ equity income funds and got more than the annual DB amount and kept full ownership of the entire pie of money and anycapital growth

However that's you with experience in the field

What if it's your average Joe who gets blinded by the cash and makes a poor decision, I'd prefer all decisions were explained and time taken than rushed through

 

[Tom Ferras]

I agree that there's real value in getting expert advice, especially when it comes to something as complex as transferring defined benefit pensions to SIPPs. For those with experience, though, I get why a streamlined option could be appealing — having that flexibility in managing investments directly could open up more opportunities. It really does come down to balancing the benefits of guidance with the freedom some prefer in retirement planning.

 

[Red devil]

i totally disagree. The almost impossible hoops to jump through to move a defined benefit to a SIPP that you can control and pass on through inhertitance that is even outside inheritance tax (at least for another 2 days!!) is beaurocratic madness. I transfered one a few years ago and it cost thousands and even then it was hard to get the ok - and i am a fund manager with nearly 30 years experience. When rates were zero for a few years the transfer values were massive and for most people it would have been the right choice, especially if combined with an IFA managing the outcome for those that need it. You could have just lived off the income of decent yielding equities/ equity income funds and got more than the annual DB amount and kept full ownership of the entire pie of money and anycapital growth

Unfortunately those hoops were put there because a scurrilous minority who'd probably never worked a day in their life relieved a number of hard working individuals of their lifetime savings.
It's as normal a minority spoil it for the majority.

 

[Crazyface]

The point is they have to provide the full advise, it's the law. No matter how smart you are. It stops people making bad decisions

So it's a good thing. Would you rather be told too much or not enough?

Have you received any advice on a pension yet? Call me when you have. The average person, no actually, even the above averagely intelligent person will not be able to fully understand it. Also it's far too long winded. It's all about justifying their bill. £5k and upwards. What a crock of poo. All we need it the basic stuff. I could put something together in a week for someone. They take 4 to 6 weeks!!!!!! Utter cobblers. And also you have to sit down and pick out the relevant bits.

 

[PJ87]

Have you received any advice on a pension yet? Call me when you have. The average person, no actually, even the above averagely intelligent person will not be able to fully understand it. Also it's far too long winded. It's all about justifying their bill. £5k and upwards. What a crock of poo. All we need it the basic stuff. I could put something together in a week for someone. They take 4 to 6 weeks!!!!!! Utter cobblers. And also you have to sit down and pick out the relevant bits.

Yes as I have my pension scheme from my company which I get a statement from every year