Ok - WW hive mind, advice required for an ice cream seller.

I'm just re-setting up my pension savings after the pandemic etc I'm looking to

- Consolidate all the pension pots I have (there's three)

- Start my private pension pot so I can take advatage of some of the benefits of having my own business, and also have it ongoing in case anything happens to the company and I want to be employed by a company again.

- On going finanical planning support with an annual review

The question is, I've spoken to ABRDN (formally 1825) today and it seems excellent for what I need, it's a £2k set up (that can be taken out of exsisting pension assets) or would it be better going to a smaller one-person band type thing?

Be good to hear what other folks do.

Isn't @boltondiver the mon for this type of thing? Where is he BTW?

11 minutes ago, RoadRunnerFan said:

Isn't @boltondiver the mon for this type of thing? Where is he BTW?

He got sick of defending the Tories on here only for them to double down a day later and make him have to try again.

Don’t blame him.

Sounds like someone’s trying to avoid tax. I maybe wrong. 😊

58 minutes ago, Spider said:

He got sick of defending the Tories on here only for them to double down a day later and make him have to try again.

Don’t blame him.

He got sick of moaning cunts.

1 hour ago, Tonge moor green jacket said:

He got sick of visionaries

 

@Not in Crawley, I tried sending Bolton Diver’s phone number. Apparently you can’t receive messages.

11 hours ago, MickyD said:

@Not in Crawley, I tried sending Bolton Diver’s phone number. Apparently you can’t receive messages.

Thanks - I'll clear the inbox

15 hours ago, BobyBrno said:

Sounds like someone’s trying to avoid tax. I maybe wrong. 😊

ha ha - I wish I earnt enough for that to be a huge issue.

Just trying to get sorted so I can join you on winter hill in my dotage.

Just tried again. Still “unable to accept messages”

BD cant log in

No idea why as i can log in with his details

Might be some new business here for him! Cleared the inbox.

And he gets extra pleasure of telling a soft lefty how shite his is at his personal finances which just goes to show you can't trust 'em.

Winner winner.

 

 

On 11/10/2022 at 13:52, Not in Crawley said:

Ok - WW hive mind, advice required for an ice cream seller.

I'm just re-setting up my pension savings after the pandemic etc I'm looking to

- Consolidate all the pension pots I have (there's three)

- Start my private pension pot so I can take advatage of some of the benefits of having my own business, and also have it ongoing in case anything happens to the company and I want to be employed by a company again.

- On going finanical planning support with an annual review

The question is, I've spoken to ABRDN (formally 1825) today and it seems excellent for what I need, it's a £2k set up (that can be taken out of exsisting pension assets) or would it be better going to a smaller one-person band type thing?

Be good to hear what other folks do.

When I got made redundant a while back I had to take legal advice before being allowed to sign the agreement. The solicitors that I used offered an Independent Financial Advisor. No upfront fees they just take a very small percentage from any pensions/investments

He’s absolutely bob on. I had about 8 different pensions. Two big ones, some small ones and some AVCs. He combined some and left others alone based on bonuses and penalties. way above my head

I have an annual review with him which is massively useful as he tailors stuff to our personal situation at the time. Took a lump out of one of them when I hit 55 to pay off some off the mortgage but absolutely told me to leave the others alone

Happy to send you his details if you have no luck with BD. As ever try a WWayer first 

 

On 11/10/2022 at 13:52, Not in Crawley said:

Ok - WW hive mind, advice required for an ice cream seller.

I'm just re-setting up my pension savings after the pandemic etc I'm looking to

- Consolidate all the pension pots I have (there's three)

- Start my private pension pot so I can take advatage of some of the benefits of having my own business, and also have it ongoing in case anything happens to the company and I want to be employed by a company again.

- On going finanical planning support with an annual review

The question is, I've spoken to ABRDN (formally 1825) today and it seems excellent for what I need, it's a £2k set up (that can be taken out of exsisting pension assets) or would it be better going to a smaller one-person band type thing?

Be good to hear what other folks do.

Everyone should be doing this at the moment. Pensions are going to be fucked ! 
Check what penalties you pay when you withdraw. 
What annual charges are there ? 

I moved all mine to St James Place 3-4 years ago and was the best thing I had done until the current slump has screwed it over. If you are self employed think you can pay upto £40k per annum in tax free. (Employed can top up same amount to I think via AVCs) 

Not sure how good a time it will be to consolidate, as Pensions scheme are under pressure I imagine surrender values will be low. I had a small amount from my time at a Housing Association and as the scheme was if deficit they could only offer me a massively reduced amount.
Most schemes will do a transfer value once a year for free. But definitely worth checking the penalties. 
I went with SJP as the adviser is a long term mate and he waived most of the fees and actually gave me some of his commission went it was set up. 
At the end of the day you are betting on the future performance so being with a company you are comfortable with is just as important as anything else .  
If you are lucky enough to have any final salary schemes I do not think any reputable adviser would let you move. 
I am at an age where this is more likely to be a topic of conversation than birds, bookies , drugs or football these days. 

11 minutes ago, Ani said:

  If you are lucky enough to have any final salary schemes I do not think any reputable adviser would let you move. 
I am at an age where this is more likely to be a topic of conversation than birds, bookies , drugs or football these days. 

When I left uni and got a job my dad pretty much forced me to buy a house and join the company pension scheme aged 22. Best bits of advice he gave me. Wished I’d also taken his advice to really understand pensions. To this day I really have no clue so rely on advisors. At my last review a few weeks ago he said that my final salary scheme will pay out £18K a year on retirement at 65. I have absolutely no clue as to whether that is good or not. The value of the pot is huge. He was the same as you. Advised not to touch it. So I won’t. I really should take some time to understand pensions better as I’m also at that age where it’s important

26 minutes ago, Ani said:

Everyone should be doing this at the moment. Pensions are going to be fucked ! 
Check what penalties you pay when you withdraw. 
What annual charges are there ? 

I moved all mine to St James Place 3-4 years ago and was the best thing I had done until the current slump has screwed it over. If you are self employed think you can pay upto £40k per annum in tax free. (Employed can top up same amount to I think via AVCs) 

Not sure how good a time it will be to consolidate, as Pensions scheme are under pressure I imagine surrender values will be low. I had a small amount from my time at a Housing Association and as the scheme was if deficit they could only offer me a massively reduced amount.
Most schemes will do a transfer value once a year for free. But definitely worth checking the penalties. 
I went with SJP as the adviser is a long term mate and he waived most of the fees and actually gave me some of his commission went it was setup. 
At the end of the day you are betting on the future performance so being with a company you are comfortable with is just as important as anything else .  
If you are lucky enough to have any final salary schemes I do not think any reputable adviser would let you move. 
I am at an age where this is more likely to be a topic of conversation than birds, bookies , drugs or football these days. 

Took mine out of St James Place years ago as their commission was ridiculous. However they generally do perform well so if you have a decent pot (I dont) then they can be very good. My relatively small investment was wasted with them.

 

8 minutes ago, MancWanderer said:

When I left uni and got a job my dad pretty much forced me to buy a house and join the company pension scheme aged 22. Best bits of advice he gave me. Wished I’d also taken his advice to really understand pensions. To this day I really have no clue so rely on advisors. At my last review a few weeks ago he said that my final salary scheme will pay out £18K a year on retirement at 65. I have absolutely no clue as to whether that is good or not. The value of the pot is huge. He was the same as you. Advised not to touch it. So I won’t. I really should take some time to understand pensions better as I’m also at that age where it’s important

Pretty sure 18k is a decent retirement annual without a mortgage but happy to be corrected by those who know.

16 minutes ago, MancWanderer said:

 my final salary scheme will pay out £18K a year on retirement at 65. I have absolutely no clue as to whether that is good or not. 

I suppose it depends when you will be 65. If its the next year or two then its a decent sum if you have no mortgage.

If its 15 years away then less so.

Im sure we could both retire, or i was a few months back, but im naturally conservative, so id pretty much said wait til we are 60

Fuck knows what this gormless bitch and her crackpot chancellor may have done to that

For the first time, im actually thinking of setting up my password to see the values of our plans

At least we have no mortgage, mrs casino has 40 years of nhs under her belt and i was an only child so have a rental

I work for a wealth management company that is part of st James place. I’m only back room staff but let me know if you want me to put you in touch with someone. 

2 minutes ago, alibob said:

I work for a wealth management company that is part of st James place. I’m only back room staff but let me know if you want me to put you in touch with someone. 

A former IFA who ripped me off together with his business partner (and probably others) disappeared off to St James place group.

What a cunt he is, and I would welcome the opportunity to rip his head off and spit down the hole.

2 hours ago, MancWanderer said:

When I left uni and got a job my dad pretty much forced me to buy a house and join the company pension scheme aged 22. Best bits of advice he gave me. Wished I’d also taken his advice to really understand pensions. To this day I really have no clue so rely on advisors. At my last review a few weeks ago he said that my final salary scheme will pay out £18K a year on retirement at 65. I have absolutely no clue as to whether that is good or not. The value of the pot is huge. He was the same as you. Advised not to touch it. So I won’t. I really should take some time to understand pensions better as I’m also at that age where it’s important

So based on current you will £28k per year once state pension kicks in which ain't bad. 
Did you also get a tax free lump sum ? Or is that assuming all invested into an annuity ? 

1 hour ago, freds dad said:

I suppose it depends when you will be 65. If its the next year or two then its a decent sum if you have no mortgage.

If its 15 years away then less so.

I assumed the £18k was based on today and final pension schemes go up with inflation. 

2 hours ago, MancWanderer said:

When I left uni and got a job my dad pretty much forced me to buy a house and join the company pension scheme aged 22. Best bits of advice he gave me. Wished I’d also taken his advice to really understand pensions. To this day I really have no clue so rely on advisors. At my last review a few weeks ago he said that my final salary scheme will pay out £18K a year on retirement at 65. I have absolutely no clue as to whether that is good or not. The value of the pot is huge. He was the same as you. Advised not to touch it. So I won’t. I really should take some time to understand pensions better as I’m also at that age where it’s important

Do you only have the 1 pension ? So have always worked at same place ? 

I'm on 80k a year and it's only just touching the sides. Living on 26k a year on retirement isn't an option.