I've just received a letter regarding a deferred final salary pension that I hold. It seems that they won't let me defer it past their normal retirement age of 60 so I will start receiving an RPI linked pension of £10,000 in 2016. The remainder of my pension is in a SIPP plus the state pension which will kick in at 65 and include S2P (I think, even though the government are introducing a new higher flat rate scheme?). I intend to carry on working (well the wife intends me to carry on). I feel I need to talk to a pensions adviser but I would like to be armed with some information before I pay out for someone so I know if he has a clue.
I'm assuming it would be really stupid to transfer it to my SIPP if only because my wife is a lot younger than me and will get 60% after I die, she'd have no chance from purchasing an annuity as they only expect 5 years difference and hammer you for that.
Can I still pay into a SIPP while receiving a pension? it seems a bit strange to me
Have you seen the latest annuity rates by the way, annual return per £100,000 invested:
Age
55 60 65 70 75
Single life, level,
no guarantee £4,961 £5,373 £6,020 £6,842 £7,968
Single life, level,
5 year guarantee £4,955 £5,361 £5,994 £6,782 £7,907
Single life, RPI,
5 year guarantee £2,433 £2,916 £3,534 £4,266 £5,432
Single life, 3% escalation,
5 year guarantee £3,068 £3,507 £4,154 £4,974 £6,146
Joint life 50%, level,
no guarantee £4,694 £5,059 £5,510 £6,239 £7,174
Joint life 50%, 3% escalation,
no guarantee £2,805 £3,189 £3,690 £4,383 £5,360
hmm, looks great in the edit but the alignment goes to pot in the post.
I'm assuming it would be really stupid to transfer it to my SIPP if only because my wife is a lot younger than me and will get 60% after I die, she'd have no chance from purchasing an annuity as they only expect 5 years difference and hammer you for that.
Can I still pay into a SIPP while receiving a pension? it seems a bit strange to me
Have you seen the latest annuity rates by the way, annual return per £100,000 invested:
Age
55 60 65 70 75
Single life, level,
no guarantee £4,961 £5,373 £6,020 £6,842 £7,968
Single life, level,
5 year guarantee £4,955 £5,361 £5,994 £6,782 £7,907
Single life, RPI,
5 year guarantee £2,433 £2,916 £3,534 £4,266 £5,432
Single life, 3% escalation,
5 year guarantee £3,068 £3,507 £4,154 £4,974 £6,146
Joint life 50%, level,
no guarantee £4,694 £5,059 £5,510 £6,239 £7,174
Joint life 50%, 3% escalation,
no guarantee £2,805 £3,189 £3,690 £4,383 £5,360
hmm, looks great in the edit but the alignment goes to pot in the post.
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