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People often worry about that, but I think state pensions will always be safe and not eroded. Nine million people in a very active voting age group will ensure that no government would harm their finances. I know several people who do already, or are set to receive, £190 plus a week (depending...

Isn’t only a maximum of 25% of the scheme value, available as a tax free sump sum? With some recent changes such as drawdown, other lump sums are taxable at your marginal income tax rates. Agree about mortgage/debts - shirley always pay these off first, unless you luckily are paying a...

Exactly, that’s been the best advice for a number of years now. Unless, someone doesn’t trust their own disipline in being able to space the drawdowns over a retirement.

I know, but the two offers need weighing up. To give the best return available for high class escorts.

Unless the (easily prepared) spreadsheet shows it’s beneficial to take a lower lump sum with a higher regular pension. There’s no black and white answer, without being party to the offered figures and guesstimate of life expectancy.

It’s inertia on my part. Would there be charge or loss to me in any way, by transferring?

Wish I had your £1.3m SIPP pot. #Envious

I use local IFA’s where the annual management fee is 1.25% on my SIPP, but I’m sure people can get achieve a lower rate than that.

I’m only a layman on this like you, but I knew about the dreaded annuities word, from my Dad and from some clients of mine (I’m not an IFA).

We’re not well off, but a few years back I set up a Vanguard ISA in an equities fund, in effect saving for our kids, with small monthly contributions. It’s done brilliantly, way above the crumby low rates paid by building societies for childrens savings accounts. Wish I’d been more organised...

I’s say don’t touch Annuities as such, with a barge pole. Rates are the worst in history In the scenario you mention, invest the lump in a wealth management fund or similarly a SIPP, and use income drawdown as and when you need the cash. It’s getting technical, so best to see a recommended IFA.

Good points. Weigh up the two scenarios on a spreadsheet, based on a personal assessment of expected life to come. ISA’s - depends on whether a cash ISA or invested in equity shares. If invested in equities, there are options where this can be at a lower risk to the capital e.g. through...