Author Topic: Calling all CBF financial guru's advice needed please!  (Read 5975 times)

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Offline Karennina

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Calling all CBF financial guru's advice needed please!
« on: February 11, 2017, 19:55:34 PM »
Can anyone shed any light on this for me please...
I have had a pension frozen for 20 years and am looking at taking it in May, over the years I have had a few predictions on taking it age 55 and even though I have not paid into it for 20 years it has always grown. Anyway i have recently received my latest prediction and am really gutted to see the option of a tax free cash lump sum has dropped by £4000!
I will put my hands up to the fact I know nothing about pensions like are they effected by the bank interest rate etc...I am waiting to hear back from the company but would be grateful for any advice/ thoughts as to why this could be in the meantime many thanks   :)



Offline Jacqui Harvey

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Re: Calling all CBF financial guru's advice needed please!
« Reply #1 on: February 11, 2017, 21:30:22 PM »
Karen, Speak to the company that is supplying the Pension they will be be straight with you and give you advice.

Offline lynne

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Offline Karennina

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Re: Calling all CBF financial guru's advice needed please!
« Reply #3 on: February 12, 2017, 18:55:33 PM »
I emailed the compsny yesterday Jacqui but as it was the weekend i was getting impatient!
Thank you for the link Lynne just had a look looks very good am hoping to be able to do the live chat thing with someone tomorrow, looks very informative thank you   :)

Offline lynne

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Re: Calling all CBF financial guru's advice needed please!
« Reply #4 on: February 12, 2017, 22:30:22 PM »
Just a thought, on previous statements were they based on retiring at age 55?  They sometimes quote based on normal retirement age - giving you the option to retire early with a reduced amount - that may explain the lower figure.

Offline Karennina

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Re: Calling all CBF financial guru's advice needed please!
« Reply #5 on: February 12, 2017, 23:51:33 PM »
Hi Lynne yes the previous one was for age 55 I had thought that too! I will phone the company tomorrow, I was really excited about getting the prediction through and was really shocked when I saw it had gone down by 4000 as in the 20 years Iv had it frozen it has always shown growth...
Thanks again for the link for the pension website

Offline lynne

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Re: Calling all CBF financial guru's advice needed please!
« Reply #6 on: February 13, 2017, 06:43:05 AM »
Do let me know the answer - I'm nearly 51 and thinking 55 is a good time to finish   :) (Although 51 would be nicer!). 

Also, don't forget, you can get quotes elsewhere for the benefits - you don't have to take the money from the original pension provider.  You can take your fund to other companies to get quotes on what benefits they would give you with the pot.

Offline Karennina

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Re: Calling all CBF financial guru's advice needed please!
« Reply #7 on: February 13, 2017, 13:03:05 PM »
Yes I will do Lynne still waiting to hear back from the company..ha i know what you mean re 55 being a good age to quit work but 51 being better! I finished 2.5 years ago but without pension, I love it and dont know how i found time to go to work! Iv been soo excited about being able to take this pension at 55 ( not the idea of actually being 55 though lol) and was soo gutted to see the shortfall...
Ooh i did not know that re not having to take with the person who its with, I shall carry on doing my research before i make any decisions!

Offline JohnF

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Re: Calling all CBF financial guru's advice needed please!
« Reply #8 on: February 13, 2017, 13:27:33 PM »
I shall carry on doing my research before i make any decisions!

Given the importance of any decision you make, and on the basis you could lose/gain a lot of money depending on what you decide, it may be worthwhile speaking to an independent pension specialist or financial advisor (who you'd probably have to pay for their time).  They would look at your, and your husbands, overall situation as there may also be tax implications etc that you need to be aware of and give you advice on how to maximise the return from your pension.

JF

Offline 1calis

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Re: Calling all CBF financial guru's advice needed please!
« Reply #9 on: February 13, 2017, 15:09:06 PM »
Did you receive predictions or guarantees of the amount?




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