09 Mar 2015

A question about : Pension Advice

This is a follow on to a previous post on the same subject. I have a local govt. pension and can retire at 58. My OH has no pension. I have another pension which I have never made any contributions to which is a pot of around Ј10,000 which is held by Friends life, I understand this has not been the best performing. If I were to move this pot and contribute Ј500 per month for the next 5- 7 years what sort of growth could I expect and could I take 25% of it tax free at that time.
The small pot I hold is Friends Life FL RAINBOW MANAGED I 1% EP. I have looked it up but am unable to see how it is performing and thus worth contributing to. Any advice is welcome

Best answers:

  • Dunston I had a look on the FE index and it didnt rate it very highly. I note you seem to be quite au fait with financial matters (not withstanding your disclaimer) might I ask what you may consider doing? Topping up and leaving it alone or moving it?
  • berbatov - fund performance aside...(and it looks like a decent performer) why don't you consider paying into a pension for your wife?
    Will allow you to make use of two personal allowances when you draw it in the future.
  • Guys thank you very much for your help and input. The OH does have a small personal pension from when she worked in the city 20 odd years ago so will look at that, what its worth and how much I can top it up. Dunston H thanks for the advice keep it coming all of you.
  • Reading the updates maybe leave the small pot in place and as advised start from new.That is the same problem with my own FL Rainbow pension, top it up or start afresh?? I looked at HL (who I have other funds with) and one of the SIPP pensions on there but using their suggested funds. IE you put what you want to invest into a caalculator and it suggests funds to invest in