Hi , My first post due to pension decisions and unable to decide what to do! Confuses the hell out of me
I hope below makes sense..
I am due a DB pension in 2 years approx €220 per week , but some of my colleagues have cashed in and moved funds to an AMRF and an ARF after they have been approached by brokers. Promised returns almost matching DB rate maybe €10 a week less plus they say funds will possibly grow depending on returns but they say they were good over the last 5 years. I like the idea of leaving something behind for my family as the DB pension will cease when I pass on. It sounds good but which is better , guaranteed DB pension or a bit less with a chance to draw the ARF AMRF. And possibly something to leave behind or drawdown if required.
Current age 58
Fund value €230000
another €30,000 in second Pension
Current have a Uk annunity €140 per month.
I also have equity of about €100000 in a house I am due to sell soon.
Your comments would be very welcome.
P.S. I would love to stop work at 60, pipe dream!!!
Thanks
Thank you both very much for the reply, much appreciated as my head is all over the place. The DB scheme is as good as it gets, very large company. I am a deferred pensioner with this company. pension kicks in at 60, 2 years away
These are the figures.
DB scheme.
€11530 per annum
Wife half if I die in retirement.
Buy out value €228653
Or invest in PRB
Or ARMF INCOME €2540 4% drawdown P/A
ARF INCOME €8225 5% Drawdown P/A
They say funds returned 18% over the last few years.
I don't think I could handle watching markets for the next 25 years ! And good pints about looking out for myself.
Thank you
Steven, good points all round, On the strength of advise here from contributors I am weighted in favour to sticking to the DB. Surely prices will fall some time and knowing my luck just after I do a transfer.. 5% commission seems very high, don't get me wrong everyone needs to earn and deservedly so, provided they give impartial advise.
I don't mind paying for advice privately.
regards
mac
Whatever your decision, do not use this salesperson to give you financial advice. They are not giving you financial advice, they are trying to earn a commission off you.
Surely not. Aren't they all regulated and above board these days.
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