Boro in Devon
Well-known member
In case it helps anyone who may be in a similar situation to me.
I am single, with grown up children who are not financially dependent on me. I had moved jobs every few years, but had two final salary pension schemes with a few recent personal plans.
I was surprised to learn in the event of my death the final salary schemes would be retained by the pension provider as I wouldn't need to take the widows pension etc. I spoke to an advisor and arranged for Cash Equivalent Transfer Values (CETV) from the companies. I was amazed by the amounts quoted, they would have only provided a small pension in the event of buying an annuity as they assume a lifespan longer than I predict that I will live. This was certainly an amount that I wouldn't be able to live on. The CETVs returned an amount of just under £500k and if I transfer that to a private pension, that could be passed on to my children in the event of my death. I decided to do this and draw down what I need each month, however I could be an annuity but I prefer to see the money invested.
CETV will vary depending upon the economy / interest rates / the health of the pension fund. I got my figures during Covid times, I gather from friends that amounts have fallen recently.
I am not a financial advisor and you would need to get proper advice before going down this route. Also there are a lot of sharks operating in this area so please be careful and not get ripped off.
I am single, with grown up children who are not financially dependent on me. I had moved jobs every few years, but had two final salary pension schemes with a few recent personal plans.
I was surprised to learn in the event of my death the final salary schemes would be retained by the pension provider as I wouldn't need to take the widows pension etc. I spoke to an advisor and arranged for Cash Equivalent Transfer Values (CETV) from the companies. I was amazed by the amounts quoted, they would have only provided a small pension in the event of buying an annuity as they assume a lifespan longer than I predict that I will live. This was certainly an amount that I wouldn't be able to live on. The CETVs returned an amount of just under £500k and if I transfer that to a private pension, that could be passed on to my children in the event of my death. I decided to do this and draw down what I need each month, however I could be an annuity but I prefer to see the money invested.
CETV will vary depending upon the economy / interest rates / the health of the pension fund. I got my figures during Covid times, I gather from friends that amounts have fallen recently.
I am not a financial advisor and you would need to get proper advice before going down this route. Also there are a lot of sharks operating in this area so please be careful and not get ripped off.
