How safe are our pensions?

[RobertT]

The 'experts' seem to think inflation will go back down to more normal levels over the next year or two.
Hopefully, they're right.

Although that obviously doesn't mean prices will go down, it just means they'll stop increasing by as much.

[milly]

The 'experts' seem to think inflation will go back down to more normal levels over the next year or two.
Hopefully, they're right.

Although that obviously doesn't mean prices will go down, it just means they'll stop increasing by as much.

That's a relief, I can't remember the last time an expert got anything wrong.

[milly]

10 year Gilt Yields are on the rise again and this time they can't blame Truss and Kwarteng.
Our Pension is looking precarious once again .
Inflation ain't going away so interest rates have to go up so Pension may go Pop!
Andrew Bailey is in a Doom loop.

[renrag40]

10 year Gilt Yields are on the rise again and this time they can't blame Truss and Kwarteng.
Our Pension is looking precarious once again .
Inflation ain't going away so interest rates have to go up so Pension may go Pop!
Andrew Bailey is in a Doom loop.

Hello Milly.
How lovely to see that you are still going strong.
Why do you think it would be nigh on impossible to find an IFA to help you transfer your RMPP pension to a personal pension or SIPP?
Do you think they are all involved in some sort of conspiracy?
As an IFA, they have by law a fiduciary responsibility to advise and act in your best financial interests.
As far as I’m aware you don’t have to follow the IFAs advice just be able to prove that you sort and received advice from an IFA.

[milly]

10 year Gilt Yields are on the rise again and this time they can't blame Truss and Kwarteng.
Our Pension is looking precarious once again .
Inflation ain't going away so interest rates have to go up so Pension may go Pop!
Andrew Bailey is in a Doom loop.

Hello Milly.
How lovely to see that you are still going strong.
Why do you think it would be nigh on impossible to find an IFA to help you transfer your RMPP pension to a personal pension or SIPP?
Do you think they are all involved in some sort of conspiracy?
As an IFA, they have by law a fiduciary responsibility to advise and act in your best financial interests.
As far as I’m aware you don’t have to follow the IFAs advice just be able to prove that you sort and received advice from an IFA.

I would suggest you look at the criteria for moving, if you know of any IFA's that would sign off on such a transfer then please let me know.
Not sure why you are blathering on about conspiracies.
I do have a question for you, what happens to the value of our Pension when Gilt yields continue to rise?

[RobertT]

DB pension transfers are generally discouraged due to it not usually being in the interests of the member. A regular income for life and spouses benefits on death, are often deemed to be better than a self invested pot of cash.
Although there's always exceptions!

An IFA will look into all aspects of your wish to transfer, including your overall financial and life circumstances, to ensure it's the right thing for you to do. If they deem a transfer to be in your best interests, they'll rubber stamp it. If they don't, they won't!

If it's not agreed by an IFA, the scheme you want to transfer to, won't accept it.
Some providers still require the authorisation of an IFA, even if the CETV is under £30k!

I think IFA's generally charge around 2-3% of the transfer value.

Gilt yields are rising which potentially puts more strain on DB pension schemes, as they tend to be invested in those products. But it also has an impact on CETV's, meaning a transfer becomes even less attractive.

[NorthernBoy]

Milly, see below for the values I recently received on my pensions.

As promised here is an update on my latest CETV (Rmpp only) Age 60 Pension £1600 = £35500 CETV Age 65 Pension £1800 = £31700 CETV These values are around 50% lower than last year when I was quoted around £135k rather than the current £67. I was expecting a decrease but not to this level.

For me these transfer values were not high enough to want to pursue the transfer and of course It’s a lengthy process with no guarantee of getting it approved.

[milly]

Milly, see below for the values I recently received on my pensions.

As promised here is an update on my latest CETV (Rmpp only) Age 60 Pension £1600 = £35500 CETV Age 65 Pension £1800 = £31700 CETV These values are around 50% lower than last year when I was quoted around £135k rather than the current £67. I was expecting a decrease but not to this level.

For me these transfer values were not high enough to want to pursue the transfer and of course It’s a lengthy process with no guarantee of getting it approved.

The best time to transfer was when interest rates were at all time lows, the higher the rates go the lower the Pension value.
So you see now why our Pension isn't very safe despite being invested in Government debt which ironically is supposed be a safe investment.

[NorthernBoy]

Milly I hope you’re wrong about our pensions not being safe. My plan is to take all pensions at 57ish and hopefully call it a day.

[milly]

Milly I hope you’re wrong about our pensions not being safe. My plan is to take all pensions at 57ish and hopefully call it a day.

I hope I'm wrong too, but the mathematics don't stack up.
Now Labour want to force Pensions to invest £50 billion into Start-ups.
Our Politicians are absolutely insane and power mad regardless of what Party they represent.

[Ianroyalmail]

It looks like our pensions aren't fscs regulated

[milly]

It looks like our pensions aren't fscs regulated

Don't worry our Pensions are safe, anyone who says otherwise is a conspiracy theorist.

[RobertT]

It looks like our pensions aren't fscs regulated

The RMDCP may have some protection via the FSCS.

The RMPP is covered largely by the Pensions Protection Fund.

https://www.fscs.org.uk/what-we-cover/pensions/