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We're back to trying to predict the future
. My contravention opinion is that if you've been on benefits all your life, should the state fund that person's retirement as they've not contributed 
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Pensions
- Thread starter theone8181
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. My contravention opinion is that if you've been on benefits all your life, should the state fund that person's retirement as they've not contributed .
Associate
Wasn't it in Australia where decades ago folks were cashing it all in, blowing the lot on fast men/women, loose cars, and round the world cruises, then reaching their early to mid 60's and having to go back to work?
I think I read this in an article about why a large proportion of Sydney's taxi drivers were pensioners
I think I read this in an article about why a large proportion of Sydney's taxi drivers were pensioners
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Soldato
this is why I worded it "when you have enough", so like.. you'd have to get an annuity that's enough to live on.
Associate
Speaking of which, annuity rates seem to have increased considerably since the last time I looked...a few years ago £100k would get you £2,800 pa, but it's about £6,800 pa now....even more uncertainty for the OP
And give away all your capital?
Also will depend very much on what interest rates are doing at the time if you want to buy an annuity. They've doubled or more, people who bought them a couple of years ago must be crying, but then they were a terrible idea so maybe they wont even know!
Soldato
I still wouldn't touch an annuity, I want control over my money. Maybe one day if 100k gave you 10k a year lol...
Suspended
You have to switch to an annuity at some point (its 85iirc) so probably going to 87 in future.
Soldato
Do you? I thought you could draw down until you empty the pot/snuff it?
Suspended
Unless they recently changed the law no.
Actually looking whats happening now then I think its all abandoned. (used to be 75)
So you may be able to yes.
Looking at many providers however they seem to allow purchase to 85 (some 90). Beyond that you wont be able to buy an annuity it would look like.
Certainly starts to sound risky of 90 year olds going a bit wobbly mentally needing to make decisions on draw down!
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Soldato
I've been looking at this for myself recently too.
I have a defered pension pot for a place that I worked in for nearly 6 years, it wasn't a final pay pension but some sort of average pay penison (the last 10 years or something). Anyway, I kept reading how it's in the hole and that the overrally pot is short, etc. etc.
Finally got them to tell me how much was in my personal pot and I was quite suprised, as the amount that they was quoting made me think I had next to nothing in it.
I still can't shake the feeling that it's badly managed, as when compared to another pension pot that I've spent less time paying into, it falls short.
But google is telling me that my combine pension pots is above the national average of a person of my age.
I have a defered pension pot for a place that I worked in for nearly 6 years, it wasn't a final pay pension but some sort of average pay penison (the last 10 years or something). Anyway, I kept reading how it's in the hole and that the overrally pot is short, etc. etc.
Finally got them to tell me how much was in my personal pot and I was quite suprised, as the amount that they was quoting made me think I had next to nothing in it.
I still can't shake the feeling that it's badly managed, as when compared to another pension pot that I've spent less time paying into, it falls short.
But google is telling me that my combine pension pots is above the national average of a person of my age.
Soldato
national average is morons tho, you wanna be crushing that
Short version - leave it alone.
Regulator (FCA) has a starting point for advice with DB schemes - Unless there is a "need" for the money - Don't touch it.
You will struggle to find a regulated advisor who will transact a £50k DB transfer for a 37 year old - as it's simply not in your best interests at this time to move it.
You might want to, you might think it's better for you (flexibility/death benefits etc) but it's almost certainly not going to happen at this time - Review it closer to retirement.
You most certainly do NOT need to switch to annuity at all. Used to be 75 a long time ago - but that was removed - ZERO requirement to switch to an annuity.
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Soldato
- Joined
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aye, your current pot, if it makes it to 400k by age 55, will only be giving out about 12-13k a year if you make it into an annuity, so 3300 from the old pension is likely a decent amount.
Not necessarily. Both my company pension scheme and my SIPP have a protected pension age of 55.
This is depressing.