My dad is reaching retirement age in a few years and doesn't know much about pensions. He unfortunately was talked into changing his miner's pension from the defined benefit scheme many years ago (he's briefly tried the compensation schemes but that was a no-go) and has some other workplace pensions (although he wasn't enrolled for many years). He's not sure how many separate pensions he's got or what to do with them. He does know that he isn't interested in taking a lump sum. Does anyone have any suggestions or where he should look/who he should talk to for sound advice? I feel like he would be quite skeptical of how honest anyone he spoke to is after previous experiences but I really do think he needs to get proper, paid-for, advice.
Has he tried pension wise? If will help with the basic stuff. https://www.moneyhelper.org.uk/en/pensions-and-retirement/pension-wise/?source=pw#
Not yet, I'm going to send the link to him but looking through it, I feel it needs some prior knowledge (e.g. what a defined benefits/defined contributions scheme is) and I'm wanting something that spells out everything. You can have a one-hour appointment with them for free but I'd rather that he knew some stuff going into it so that the time isn't wasted on the basics.
Thanks, is that the one for consolidating your pensions? He may end up doing that but I suspect they would just tell him to do it, regardless of what fees or whatever may be involved. Do they offer impartial advice?
Hi - I’m a financial adviser. Sounds like your dad hasn’t had the best advice if he has moved his DB scheme previously. I’d be happy to have a chat and try and help him. Send me a message if you want a chat
Some decent information on the gov.uk website link It also includes details on the Pensions Tracing Service which might be useful if your Dad doesn't know what Pensions he has link Additionally, it might be worth seeing what guidance he can get from his current pension providers. I agree that Pension wise should be the first place to go and then he can decide how he would like to proceed.
Yes I agree with Pensionwise … people who have used the free consultation have said that they will talk normal talk without going on about drawdowns etc.
I was exactly in the same position as your dad. I have/had 5 pensions. Pit. And 4 different ones at yorkshire water. (Bit complicated) I have taken out all 5 and invested em all in one. It really depends on what he wants. I have put mine into drawdown. (A fair sum) it suits me because i have the opportunity to take 25% of the sum tax free and am withdrawing my personal allowance on the taxable amount so in effect £12.5k less my state pension for the three months payable in december. When I'm 66 to the new tax year. Hope that makes sense. Also if I die my wife gets the whole amount left. And if we both die before we are 75. What's left goes to the kids tax free. Annuity was a choice but drawdown gave me all the above and I'm more than happy. Final salary of which I only had 2 pensions involved. I also moved over to drawdown. Given I would be 104 yrs old to retain the same amount. And bear in mind benefits drop dramatically if I die first. Hope that makes sense also. It is not for anyone on here to give advice* Tbh. and I'm just pointing out options. A financial advisor is advisable. I've had one for many a year. And they do charge But the returns have far outweighed the costs. Bit of a drop at the moment. Due to varying reasons due to the instability of the markets. * Edit just seen. Except Mattmeringe that is. as he appears to be an advisor.
Is your dad a reds fan? Daniel Nardiello is a financial advisor these days and can be easily found on LinkedIn.
