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Pension Advice ...sorry Sir, We Cant Give Advice :)


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#1 Truly Skint

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Posted 15 April 2020 - 12:19 PM

Hi all, I hope that you're managing to restrain the frustration of being impounded. 

 

I am looking for some independent but qualified guidance. Having already been raped on my endowment policy a few years ago, I really would prefer to act now on my pension pot but really not sure what to do

 

Advice from my IFA is to keep regularly investing as my money will buy more shares at a lower face value and when the markets pick up, this will will help to bridge the gap of any loss in my overall pension fund. I sort of get that and it makes sense ......BUT is this the best action to take.

 

My very simple, unqualified view is that IF I COULD, draw it all out, park it somewhere, keep putting aside the regular contributions but not making the payment to my pension and then when it turns, at least I'm back to a similar place to where I started before this fiasco

 

I am 58, so I can draw some down I guess but was wondering whether there are any others out there with any more qualified advice to offer?

 

Thank you in advance

 

Mike

 

 

 



#2 hairy

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Posted 15 April 2020 - 05:33 PM

You can get an ISA and put up to £20k per year in shares at the moment.



#3 Ivor

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Posted 15 April 2020 - 05:39 PM

I don't plan to take anything out of my pension pot for some considerable time, I'm 58, I you take it out and reinvest you will almost certainly have to pay fees a second time when you invest

#4 Bakazan

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Posted 15 April 2020 - 09:46 PM

I am totally unqualified to comment, but if the pension is mainly invested in shares, surely now is a really bad time to draw it all out?

#5 Foxy

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Posted 15 April 2020 - 11:48 PM

I am totally unqualified to comment, but if the pension is mainly invested in shares, surely now is a really bad time to draw it all out?

^This
 

Listen to your ifa



#6 Truly Skint

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Posted 21 April 2020 - 07:29 PM

Hi all, thank you for your responses. In summary I am leaving it where it is and will continue to make contributions. Your F'd if you do and F'd if you dont so what the F!!

 

Thanks again

 

Stay safe and lets get back to normality soon



#7 Johnboyhgt

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Posted 22 April 2020 - 05:54 PM

I spoke to my financial advisor today, basic advice sit tight with your current investments. However if you have cash handy now is a good time to invest.



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#8 hairy

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Posted 23 April 2020 - 05:35 PM

"Be fearful when other are greedy and greedy when others are fearfu l" Warren Buffet.






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