Should I spend my pension?

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  • Should I spend my pension?
  • julzm
    Member

    Avontyrell – rules changed from jan 2013 and commission is now banned, so it’s all transparent pricing now that you agree with your adviser what they will be paid. This is usually split between a fee for the initial advice and an OPTIONAL ongoing adviser fee (usually a small annual percentage of the fund value expect around 0.5%).

    Qualifications wise – all advisers had to sit exams to get them to a minimum of Diploma in financial services (actually quite onerous for many). However next step up is Chartered Financial planners. You’ll pay more for their advice perhaps but feel free to negotiate with them. You can check a website called unbiased for local advisers around you.

    Iffoverload – the trustees of the pension scheme have a legal duty to invest the funds for the benefit of the members/beneficiaries. There are different ways of looking at ethical investment – green funds tend to be higher risk due to the narrow nature of the underlying assets. However you can choose to go with funds which operate negative screening, e.g. They wouldn’t invest in arms companies for example. A good way to do this is normally to ask your adviser about multi asset funds as these are well diversified across different asset classes ( different asset classes are affected by different factors so don’t all go down or up at the same time; an asset class is things like shares, gilts, government bonds, property, etc). These types of funds often operate negative screening and will provide lots of info about what they do invest in.

    Premier Icon Kryton57
    Subscriber

    Think I’ll transfer it to a SIPP tomorrow and see what happens.

    Is that easy to do?

    Premier Icon Kryton57
    Subscriber

    Excellent, thanks.

    Premier Icon footflaps
    Subscriber

    I didn’t know you could till I read this thread then co-incidentally looked through a huge pile of unopened Hargreaves Lansdown mailshots.

    mudshark
    Member

    I just received a letter today from the pension scheme of the company I’ve just left saying they’re going to increase my charges by 0.2% unless I continue to make contributions – a good reason to move my money!

    Trimix
    Member

    Ethical pensions ! FFS. Its money we are talking about.

    When you have been sat in your soiled nappy for most of the day in a badly run old peoples home wating for some foreign underpaid nurse to sort you out – your earlier decision to choose a pension because it was “nice” may then seem to be stupid.

    I want my pension to make the most possible money it can. Drugs, guns and prostitues – I will be way too old and skint to care.

    I want to have posh nappies while I dribble away the rest of my years in an old peoples home.

    jonba
    Member

    Ethical pensions ! FFS. Its money we are talking about.

    Pensions are looked after by the evil bankers dontcha know.

    Premier Icon footflaps
    Subscriber

    Pensions are looked after by the evil bankers dontcha know.

    Depends, if you go for SIPP (Self Invested Pension Plan) you can choose who to invest in.

    Premier Icon charliemort
    Subscriber

    Someone may have said this already, but may be worth combining the smaller pensions to spread fees

    I had a poxy little one which would have been eroded to naff all by fees as there was a fixed element to the fees

    Premier Icon footflaps
    Subscriber

    Well I just got a letter back from Scottish Widows telling me my pension has been transferred into a Hargreaves Lansdown SIPP.

    Pretty quick considering I only sent the form off last Friday..

Viewing 11 posts - 41 through 51 (of 51 total)

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