El Cid Posted May 12, 2013 Share Posted May 12, 2013 Hi I am 50 yrs old, single parent, working and paying into a local Government pension plan. I also have a prudential pension that was only active for a few years, yet it is worth £32,013 I know that you can transfer pensions, with opting out and things like that, its quite complicated to know their value in 15-20 yrs time. How many people make a separate pension provision? Link to comment Share on other sites More sharing options...
Annie Bynnol Posted May 12, 2013 Share Posted May 12, 2013 You should be able to get a pension forecast from the Prudential, South Yorkshire pension and State Pension They will give you options and estimates. Prudential will no doubt try to sell you plans. Some Trade Unions give excellent advice. Since interest rates are so low currently a similar pension pot could give a £8 000 lump sum and a pension of £1400 a year £27pw. State pension will be payable at 66 for those who are currently 50. Link to comment Share on other sites More sharing options...
Mikes10 Posted May 13, 2013 Share Posted May 13, 2013 I took early retirement a couple of years ago and took a reduced pension from my companies pension scheme which just about pays me enough not to have to worry about paying the utility bills. About 15 years ago I took out a second private pension, it seemed a good idea at the time, but now I wish I hadn't bothered and instead put my spare cash into some sort of long term bond/ investment fund. My current thinking is if I can't afford to meet my bills I will convert the second pension into an annuity and then in a few years I will be entitled to the state pension. Link to comment Share on other sites More sharing options...
ricgem2002 Posted May 13, 2013 Share Posted May 13, 2013 I took early retirement a couple of years ago and took a reduced pension from my companies pension scheme which just about pays me enough not to have to worry about paying the utility bills. About 15 years ago I took out a second private pension, it seemed a good idea at the time, but now I wish I hadn't bothered and instead put my spare cash into some sort of long term bond/ investment fund. My current thinking is if I can't afford to meet my bills I will convert the second pension into an annuity and then in a few years I will be entitled to the state pension. shush dont tell everbody Link to comment Share on other sites More sharing options...
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