Hi all I know I'm straying in to financial advisor territory but I have 2 company directors pensions. I've just turned 50 and am resigning as a company director so potentially I can take my 25% lump sum from one or both of my pensions and buy an annuity or AMRF.
1st pension invested 50k now worth 60k after 12 years
2nd pension invested 100k now worth 75k (45k 5 years ago)
I don't think there is much point getting an annuity as this was quoted at 3%. I'm not desperate for the money at the moment but I know I can get a better return on the cash if invested elsewhere particularly for my 1st pension.
So should I cash in one both or none of the pensions?
Is there a downside to taking the 25% and leaving the rest in an AMRF is this not just the same of what I'm actually doing now as I haven't made any contributions for the last 4 or 5 years.
A vested PRSA was suggested by a helpful member on another forum.
Any advice gratefully received
1st pension invested 50k now worth 60k after 12 years
2nd pension invested 100k now worth 75k (45k 5 years ago)
I don't think there is much point getting an annuity as this was quoted at 3%. I'm not desperate for the money at the moment but I know I can get a better return on the cash if invested elsewhere particularly for my 1st pension.
So should I cash in one both or none of the pensions?
Is there a downside to taking the 25% and leaving the rest in an AMRF is this not just the same of what I'm actually doing now as I haven't made any contributions for the last 4 or 5 years.
A vested PRSA was suggested by a helpful member on another forum.
Any advice gratefully received