In Reply to: Re: Retire or Defer? - Someone to offer advice posted by Semi-retired on 08 February 2006 at 09:00:06:
Thanks all for the tips and suggestions...
Some comments:
Do I have any money in A Plan?
Nothing... but I've been fortunate since leaving Blue... and do have a significant cash pot that (at 6% growth) should keep me in curry and kebabs unless I live many years past 90.
A day rules ? (umm, what are these?)
SRO terms?? - I believe I'm entitled to start drawing C-plan pension (albeit reduced by 30%) from age 50.
Other complications: I live in the US... so pension presumably gets taxed in UK... then (if applicable) in US
The numbers are not huge: 16998 at age 60 reduced to 11889 at age 50 (but a 30% dent is a 30% dent)
I'm currently in gainful employment, so don't need the cash... my decision is mainly revolving around: If I took it.... and started drawing from my "cash-pot" - do I need to be in gainful employment.
(No dependants makes the decision easier... or harder depending which side of the "family charity" fence one sits)
:)
: Your question: Does anyone have good contact name of any advisors who can help out?
: Response: I can recommend richard@bryden-johnson.co.uk +44 (20) 8688 2868 www.bryden-johnson.co.uk
: Richard Bryant is a 'mature' fee-based IFA who will give unbiased advice (refunds any commissions to you) on pensions and other investment planning.
: Richard is a qualified pensions specialist and spent some time looking at the IBM scheme and modelling options on my behalf. I'm sure he would be prepared to provide an introductory session free of charge - also probably remote support as he is good with email / spreadsheets etc. After an initial session he charges about £150 per hour, but no so many hours are normally need to give you confidence in your decision - potentially saving some big financial mistakes and costs. As GG says this must take into account how long you think you'll live etc - so there is only so far you can model options to eliminate the obvious ones, then you have to make personal decisions from the remainder.
: Dont forget that the new A Day rules apply from April 2006, giving far more flexibility in how you exploit pension investments. Richard is also expert on these and has run sessions for the Inst of Directors.
: Good luck.