cherl889

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About cherl889

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  1. After reading this I have purchased one on ebay .and will wear it just to wind up the anal retentive SMT
  2. Pensions

    Cheese..You don't need and IFA to "sign it off" this is a common misconception, what any reputable pension scheme provider will do if you are transferring from a defined benefits scheme such a public sector pension scheme is ask you to meet/ contact an IFA and ask the IFA to carry out a transfer value analysis report (TVA) for you, The IFA will need very specific details of the scheme you are currently in and the one which you intend to transfer into, he will then provide you with a lengthy report comparing the two schemes in regard to lump sums death benefits etc and advise you whether the transfer is to your benefit or detriment...as with any defined benefit public scheme it will always be better than a private one due to the risk element of investments, and my TVA quite clearly stated this and not to transfer, but as described above one of my reasons fro transferring into a SIPP was to use part of my pension pot to purchase commercial premises for my business, Once I had the TVA done the SIPP provider was happy to accept the transfer.
  3. Pensions

    I will PM you
  4. Pensions

  5. Pensions

    Been reading this thread on the side lines from the start...so think its about time to throw my hat in the ring so to speak...I've got 16 years in, 9 of them as a skipper all of which front line response team and custody...to say that over the last few years that I have fallen out of love with the job would be an understatement, I cannot stand it any more to the point that I started my own business nearly two years ago utilising my skills from my previous career (which I have kept up over the last 16 years) with a view to leaving for good, but I felt trapped by the pension scheme as I suspect quite a few others do at my age and length of service. It got to the point where I needed to make a decision, either I carry on in the job unhappy and miserable and wait for pension age ( whenever that might be) or look to get out of the job and the pension scheme that was seemingly keeping me in a job where I am unhappy, and concentrate on my own business. So at the start of this year I started my own research into other pension schemes and financial plans so to speak, I went to a financial advisor and laid out my plans...in the end my wife and I (who also has public services pension) have left our scheme and have taken out pooled SIPPS together, the SIPP allows us to purchase commercial premises and land that would be a massive help to growing our business....I am looking to leave within the next 3 years. the remainder of the pot I will invest over the long term, now I know that the SIPPs we have taken out will not be as safe as the old scheme with defined benefits, but with cautious sensible investing over the long term you can make some decent returns ...It just depends on your attitude to risk ...that said we are still saving money into our new scheme and will receive some tax concessions for this.. Now that I am out of the scheme I do feel a sense of relief I suppose more than anything that I made the decision. I dont feel that the Job has so much of a hold over me anymore. Obviously my circumstance's are unique to me, and I urge anyone thinking of leaving the scheme to think long and hard and get some sound independent professional advice, the other thing I found out when getting financial advice is that HMG are looking to stop people transferring out of public schemes into private ones in the near future.