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Old 30-05-2021, 05:13 PM   #31
baxlin
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Originally Posted by Andy from Sandy View Post
Just to cheer you up you will still be subject to taxation if your pension and other monies is higher than £12,500.

This is where a financial adviser should be able to limit your tax liabilities.
Managed to boost mine a bit as Mrs B wasn’t using her full Personal Allowance, so transferred 10% to me.

+1 for a financial adviser (but then I would say that as I was one...)
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Old 20-08-2021, 11:00 AM   #32
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Originally Posted by Andy from Sandy View Post
Just to cheer you up you will still be subject to taxation if your pension and other monies is higher than £12,500.

This is where a financial adviser should be able to limit your tax liabilities.
lot higher, on to our financial guru at work, he knows his stuff.
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Old 20-08-2021, 11:08 AM   #33
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Sorry I'm late to this party, I jumped last October (2 year deal - sorry) and haven't regretted it. Be aware that Wealth at Work products are quite expensive. My wife got a consultation with them and when we compared costs with other providers they were substantially more expensive. Their advice is worthwhile, but they do try to sell their products (free lunch and all that). Make sure you compare other options before signing anything.
BT or Openreach?
yeah, I know about Wealth at work, that is why I am just getting the advice from the seminars they hold.
looking at a friend of my brothers who is a financial consultant, he deals with my brothers finances as he is a self employed Carpenter.
My brother says he knows his stuff and he is willing to give me advice free and if anything needs doing then it's a smaller payment than he would normally charge, so seems the way to go.
Still no dates set for office closures yet, seems that Covid restrictions are putting a dampner on Openreach's plan to open up the big offices with a full capacity, so more likely to keep a fair few working at home until the restrictions are going to be lifted completely, if they ever do!!
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Old 20-08-2021, 11:45 AM   #34
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It is for an adviser to give best advise but since 2015 there is no need to have a specific product from which to derive a pension most notably an annuity.

My money is invested all over the world to diversify eggs in the basket but held by one company. From that pot of money I decide how much I want to take, the rest stays invested and hopefully offsetting what I take.

I would guess if you are in very good health and expected to live "forever" and you have a final salary / defined benefits type pension someone might try and make it look very attractive to transfer it.

Last edited by Andy from Sandy; 20-08-2021 at 11:59 AM.
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Old 21-08-2021, 08:31 AM   #35
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I would guess if you are in very good health and expected to live "forever" and you have a final salary / defined benefits type pension someone might try and make it look very attractive to transfer it.[/QUOTE]


To add to Andy’s comment above , a lot of final salary schemes are enhancing transfer values to try and get shot of their liabilities. So be careful not to jump quickly at transferring a final salary scheme. I’ve used a couple of advisors over the years and have never had anyone recommend transfer . They have said they would like to as they get a huge upfront bung ( which reduces your fund value !! ) plus annual fees from it whilst the scheme remains with them.

I’m like a few of the others on this thread , lucky enough to have thrown the towel in very early. Just over 5 years now and still not had time to buy a DA .

I think that keeping a spreadsheet of your spends so you have a clear view of your real spend V what you think you spend is some of the best advice you’ll ever get.

Best of luck


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Old 21-08-2021, 09:50 AM   #36
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Interestingly under current rules, pension transfer advisers must charge the same for advice irrespective of whether they offer positive (i.e. transfer out of a defined benefit scheme) or negative advice (remain with your DB scheme). The Pensions Regulator has really clamped down on advice firms and views the best decision for the majority of people to remain in their DB schemes.

Indemnity insurance for advisers has rocketed and there are now fewer players in the market.

Costs of obtaining full advice is very costly (can be between 2% and 3% of the transfer value). Most advisors now offer “basic” advice at low or no cost, but this cannot be used to transfer a fund value of £30k or more. The basic advice may be to proceed to full advice, however there is still a risk that for those wishing to transfer that the full advice may be not to transfer and you face a big bill if you do not transfer (and you cannot fund that from your pension pot).
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Old 24-08-2021, 07:39 PM   #37
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Originally Posted by 121DOM View Post
I would guess if you are in very good health and expected to live "forever" and you have a final salary / defined benefits type pension someone might try and make it look very attractive to transfer it.

To add to Andy’s comment above , a lot of final salary schemes are enhancing transfer values to try and get shot of their liabilities. ...
Have you ever known of a company/coporate do the best thing for the employees as opposed to themselves/shareholers.? (unless it's your own company..) ergo that's why final salary/ defined benefit schemes have been phased out by most employers
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