Ian. My wife has a good pension pot. She can remove it from her company scheme but must take advice by law. The advice comes at a Minimum of 10k.

My wife is a ACCA, who knows about her own money much more than some slick rip off from the City ripping off the less knowledgeable, what would you do ? Answers on the back of a postage stamp.

The answer is keep hold of the 10k as they can’t give you any better results. They will offer just like endowments did a better return but then cream off your money by adding management changes that are a joke. FL2 MY10 TD4 GS traded in at 2 years
FL2 MY13 TD4 GS Current

I don't understand your £10K to remove her pension fund to a more profitable fund, I did and increased the fund by 50% over 8 years.
The unions crashed the UK car industry not Maggie, and Labour installed managers didn't help like a certain Labour Paymaster General who was given Jaguar in the BLMC so called shake up when he just ran a small Midlands engineering company, 8 men to build a mini, when 4 couldn't get near it  my PC is slightly to the right of Genghis
2012 HSE SD4 In Orkney Grey now gone, best car ever.

Dartman the one wrote:

The unions crashed the UK car industry not Maggie, and Labour installed managers didn't help like a certain Labour Paymaster General who was given Jaguar in the BLMC so called shake up when he just ran a small Midlands engineering company, 8 men to build a mini, when 4 couldn't get near it

Dartman the one wrote:

I don't understand your £10K to remove her pension fund to a more profitable fund, I did and increased the fund by 50% over 8 years.

Bob is 100% right , for any employer DB pension fund above £30,000 HMRC require you to have taken Financial Advice before transferring out . If it’s a DC scheme it’s obviously not relevant. I shared floorspace with a couple of finance and treasury guys in global company , one was a pensions scheme trustee ... but of course it’s one rule fits all .

Getting retirement right is quite a sophisticated business . 2009 GS Auto Zermatt Silver - Sold June 21 after 10 years of ownership

2016 Subaru Outback SE 2.0 diesel SE Premium Lineartronic Sold 2024 after 8 years and 80k miles . Best Car I ever owned !

2023 Toyota Hilux invincible X 2.8 Auto .

SouthamFL2 wrote:

Dartman the one wrote:

The unions crashed the UK car industry not Maggie, and Labour installed managers didn't help like a certain Labour Paymaster General who was given Jaguar in the BLMC so called shake up when he just ran a small Midlands engineering company, 8 men to build a mini, when 4 couldn't get near it

The Left conveniently forget facts when it suits them....always have done, always will do.

Nothing more frightening than working class Tories who are £10 a week millionaires.

Either way up the slaves had to build it 5,000 years ago.

 FL2 MY10 TD4 GS traded in at 2 years
FL2 MY13 TD4 GS Current

Here is a little warning story regarding pensions. I manage my own money and have a lot of investments outside of my defined benefit DB pension. My daughter had a job with a good DB scheme and she also has a separate Self Invested Private Pension pot (SIPP) which I set up for her. She moved to a new job with an outfit that had a compulsory Scottish Widows pension scheme. On my advice she asked if the pension contributions could be paid into her SIPP but the answer was no, not possible so she went ahead with it. After 10 months the job wasn't going well so she resigned and went back to her original employer. We then asked for her Scottish Widows fund to be transferred to her private SIPP account. In the 10 months a total of £7.4k was paid in (inc tax relief etc) but only £6.7k came out into her SIPP. I looked at the Scottish Widows scheme and after a lot of research found that they took an initial charge of 5% and then layers of other management fees which were difficult to quantify. Anyone with a Scottish Widows scheme (and probably a lot of other companies) should have a good look at what is being creamed off and what it is actually invested in, in her case it's early days in her career but this isn't the sort of thing to find out when you come up to retirement. 3 x FL1 2 manual + 1 auto
5 x FL2 4 manual + 1 auto
Now Discovery Sport P250 MHEV SE

Nothing more frightening than working class Tories who are £10 a week millionaires.


They frighten me as well, especially when they just repeat their false (or at the most distorted) propaganda over and over again.

It's not the history as I remembered it. FL2 XS SD4 Auto 2010 2012-2017 (21k - 91k miles) (MY2011)
FL2 Metropolis SD4 Auto 2014 2017- (16k - 79k+ miles) (MY2015)
Metro in its 11th Year of (Extended) LR Warranty / Full LR Service History
(Expensive, but Trouble/Worry free - hopefully?)

As has been said defined benefit schemes cannot be transferred without advice. Furthermore the number of advisers with the appropriate CII G60 qualification is fairly small AND almost all have taken themselves out of the market. Conversely Flexible Income Drawdown is available for defined contribution schemes and many firms can advise on them. Again if you are looking at that route a G60 qualification is, IMHO, would be a priority. Notwithstanding what Yorky says fees are negotiable and there are many quality firms out there. Hargreaves Lansdown comes to mind.

Cannot understand Dorsets daughter's SW pension. I would have thought company schemes should be set up as Stakeholder schemes viz 1 % charging structure rather than the 5% bid/offer spread as quoted. Perhaps she should query this with the pensioner trustees of the scheme MY 09 GS manual in Lago Grey, Wood Co arm rest and side bumper strips - now sold.

MY 15 SD4 SE Auto Orkney Grey with colour coded Bumper Door Mouldings

IanMetro wrote:

Nothing more frightening than working class Tories who are £10 a week millionaires.


They frighten me as well, especially when they just repeat their false (or at the most distorted) propaganda over and over again.

It's not the history as I remembered it.

Jealousy is a terrible trait

More Maggie's required in this country......someone with the gumption to stand up to the bullying EU. Not the pusssys that masquerade as today's tory's, spineless weak hand-wringing do-gooders!

Jealousy is a terrible trait

Typically for me at this stage of my life I was in the small rural pub we use and once again last night passing time with everyday people. There is a extremely rich family in the village that were born into and raised in a very poor city suburb and made it rich due to their own endeavours and ingenuity. I am very jealous of one fact they have quietly given away tens of millions of pounds to people and charities, all with no fuss. That's what nice people do, not wanting more and more that can never be spent. FL2 MY10 TD4 GS traded in at 2 years
FL2 MY13 TD4 GS Current

SouthamFL2 wrote:

IanMetro wrote:

Nothing more frightening than working class Tories who are £10 a week millionaires.


They frighten me as well, especially when they just repeat their false (or at the most distorted) propaganda over and over again.

It's not the history as I remembered it.

Jealousy is a terrible trait

More Maggie's required in this country......someone with the gumption to stand up to the bullying EU. Not the pusssys that masquerade as today's tory's, spineless weak hand-wringing do-gooders!

I don't live a millionaires lifestyle, far from it. My last holiday was to Norfolk, hardly a millionaires destination. I've worked all my life, never relied on the state for anything, drive a 7 year old Freelander, and mix with all sorts in my little village, from both walks of life. However, I work hard for my money, never lend, never borrow and beleive that if you want something, you have to strive for it.

Unlike the thought process of the lib-tard Left who want it all for nowt, and blame the conservatives for everything, all in the name of diversity and equality.

Opportunities are open to all - however you need to get off your arse and grab them with both hands. Instead of blaming southerners and Tories for all the country's ills.

I didn't vote for a 'deal' - I voted to LEAVE the corrupt state that is the EU in its entirety. I have been quite happily trading outside the EU for the last 11 years (yes, there is a damn sight more to the world than your beloved EU), and having built the business up to provide me a reasonable income in my old age, will sell it when I feel like it. Not bad for a lad from Hellaby, eh Yorky?

I can't wait for Brexit - the sooner the better, and frankly I feel we should have left the day after the referendum. No pontificating, appeasing drippy bleeding hearts, yuman rites parasites etc etc......make your own way in life!

"The problem with Socialists, is that sooner or later, they run out of other people's money to waste" (Good old Maggie, spoken like a trooper)


Last edited by SouthamFL2 on 18th Feb 2019 11:41 am. Edited 1 time in total

IanMetro wrote:

As I said frightening, not for me, but for my children and grandchildren.

SouthamFL2
Thanks for your explanation of why you feel the need for Brexit.

What I don't understand is what has happened in your life to make you so angry, or the need you have to turn everybody else into demons and call them names.

I am sure you will get your Brexit, I was just trying to find out how much others thought it would cost us on top of the 20% devaluation of the pound we have already experienced.

I am sure that fact is approximately right as I travvel to see my family each year to Canada, and it has become that much more expensive.

PS I have to agree with you about Norfolk, very nice quiet place, I lived there for about 5 years (my son was born there).
Learned to sail on the Broads …. Happy Memories FL2 XS SD4 Auto 2010 2012-2017 (21k - 91k miles) (MY2011)
FL2 Metropolis SD4 Auto 2014 2017- (16k - 79k+ miles) (MY2015)
Metro in its 11th Year of (Extended) LR Warranty / Full LR Service History
(Expensive, but Trouble/Worry free - hopefully?)