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What to do with my pension? Telegraph article


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The big difference is between final salary schemes where there is a gap in the fund or no fund at all, and money purchase schemes where there is a bucket.

A lot of the first category are bust, but the taxpayer keeps being asked to fill the gap.

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My thoughts when reading the article centred on what I could do with my savings. I'm over state pension age but still working, sort of, so income and expenditure is not a concern at the moment. Having built up a reasonable fund I'm no trying to work out how to generate an income from it.

I was appalled when I looked at annuity rates. At age 67 for a lump sum of £100k I can get a single life annuity that will give me £4000 ish for the rest of my life. So in 25 years I get my capital back. Am I likely to life to 92? I think not. With a joint life annuity including my wife, who is a smoker, the return dwindles to £3000 ish for the rest of the longest survivors life. So one of us has to live for at least 33 years to get our capital back!

Thanks, I think I'll book several cruises.


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