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wkdhd
Hopefully a less heated conversation.
I am 65 next month and have had letters from various people regarding pensions. I've not had to deal with this before and find it quite impossible to make a calculated decision.
State pension. Sound easy but you can defer it if you wish and get extra.
Final value. I think that is what is is called. I thought I just got a fixed amount but apparently I can take some as cash.
Pension pot. I can take some as cash. The monthly payment bit can be a flat rate, increase with rpi and various other options.
If I knew when I was going to die, what inflation is going to be and what cash I will need to spend I could make a fist of working out what to do.
To make it worse for the annuity one I need do nothing and can then take advantage of changes to come in in April. I can also move the money to any other pension provider. I went through a calculation with Legal and General picking options more or less at random. That took 15 minutes.
I rang the money advice line and the pensions one, bot somewhat useless.
I am supposed to take advice from a pensions advisor, but they don't know the answers to the death, inflation questions either and don't know me either. Also I have no way of knowing how good they are.
You only get one go at this, and I have no idea what to do. Bit of a quandary. Anyone here have any advice? Although having multiple pensions sounds very grand, they are all for relatively small amounts of money. Luckily I am cheap to run
I am 65 next month and have had letters from various people regarding pensions. I've not had to deal with this before and find it quite impossible to make a calculated decision.
State pension. Sound easy but you can defer it if you wish and get extra.
Final value. I think that is what is is called. I thought I just got a fixed amount but apparently I can take some as cash.
Pension pot. I can take some as cash. The monthly payment bit can be a flat rate, increase with rpi and various other options.
If I knew when I was going to die, what inflation is going to be and what cash I will need to spend I could make a fist of working out what to do.
To make it worse for the annuity one I need do nothing and can then take advantage of changes to come in in April. I can also move the money to any other pension provider. I went through a calculation with Legal and General picking options more or less at random. That took 15 minutes.
I rang the money advice line and the pensions one, bot somewhat useless.
I am supposed to take advice from a pensions advisor, but they don't know the answers to the death, inflation questions either and don't know me either. Also I have no way of knowing how good they are.
You only get one go at this, and I have no idea what to do. Bit of a quandary. Anyone here have any advice? Although having multiple pensions sounds very grand, they are all for relatively small amounts of money. Luckily I am cheap to run