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Having retired a few weeks ago, I'm now at the stage where I'm getting quotes from a couple of pension broker type operations for "What to do with my pension pot?" So far, the best numbers are generally coming from Just Retirement, with Scottish Widows and a couple of other providers coming in a little way behind.
I'd never heard of Just until this exercise started, whereas the others like Scottish Widows, Standard Life, Aviva, Legal & General etc are rather better known. Does anyone have any experience of Just for their own pension? Are they reliable in paying each month? Easy or difficult to contact and deal with? Any reason not to go with it?
Cheers
I'm 59 & close to retiring & looking at https://www.moneyhelper.org.uk/en/pensions-and-retirement/taking-your-pension/guaranteed-retirement-income-annuities-explained
I think I have a very good pension advisor. He was able to consolidate all my different personal pension pots into one SIPP. I now take a monthly drawdown which is maintaining the funds at its original value and when I die all of that fund will go into my estate.
As is required by the rules, every now and then he tells me that the government recommends I think about an annuity and gives me the pros and cons. I have always declined because a) my monthly income would hardly change and b) when I die my estate gets nothing.
He isn't allowed to influence my decision but he doesn't seem to think I'm doing anything daft.
He introduced himself to me about 6 years ago after I posted a question on pensions here. He was a member (not sure if he still is) and we've been on a couple of rides together since. It's worth popping in to see him from time to time as the office is next to the Tunnocks teacakes factory!
I'm 59 & close to retiring & looking at
Have you had your one free hr from pension wise - well worth it imho (impartial, non selling pension advice)
https://www.moneyhelper.org.uk/en/pensions-and-retirement/pension-wise
there are reasons to have an annuity and there are reasons to not have an annuity.
just fyi I don’t have an annuity, maybe worth some research before you commit if you haven’t already done so.
Have you had your one free hr from pension wise?
Indeed, back in November.
I'm happy with the annuity decision based on our circumstances, and I'm lucky to not 'need' to take a substantial cash sum PCLS up front. We have other savings etc.
I ll buy an annuity as my employer gave it a guaranteed minimum. That swings it for me, otherwise i would have drawn it down. It's a small part of my pension portfolio so not a massive decision.
The cost of indexation seems high to me, I like the idea of a known fixed sum hence the annuity appeal, indexation would have been nice.
Also, delaying it adds up quickly, less claimable years and more investment growth, but let's be honest, we are all going to die, we just don't know when.
I have a pension in payment with Just. No problem with monthly payments so far ( about 2 years in).