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Post by barnsleybiker on Oct 6, 2023 12:38:09 GMT
hello knowledgeable investors,
before I became self-employed my pension was with standard life and less than 50k, its not done anything impressive, but then again I've not paid owt in since 2002. Recently diagnosed with blood cancer I took the 25% tax free and bought some NS&I 6.2% growth bonds, the folks at Std Life put what’s left into a “draw down pension”.
My plan is to withdraw £12500 a year, strapped to a hospital bed I don’t earn so that should be tax free too but I will pay NI on my self-cert tax return.
It’s only been 3 weeks since the dust settled on my new draw-down pension and the “std life professionals” are losing nearly a quid a day, they also plan to charge me £180 a year to do this! My dog could do better in his sleep while selecting investments from last weeks fish n'chip newspaper wrappings!!!
With all this free time on my hands and a fist full of chemo meds I wondered if I could look after my money myself, possible SIPP? Stick some money into Loanpad amongst others and create my own portfolio?
I don’t want to pay anymore money in, just draw down yearly tax free until my pension pot is in my families hands. I definitely don’t want the “professionals” at std life looking after it like this anymore!
Has anyone any experience of doing this? Is it a big plan small brain idea? Should I wait for the chemo-fog to clear? Any pointers would be much appreciated. Thx.
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rscal
Posts: 985
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Post by rscal on Oct 6, 2023 13:07:08 GMT
I know you intend to do better than this (and I hope you do) but all of the pension becomes tax free if you should be diagnosed with less than 12 months forecast survival. (I had a cancer scare 15 years ago and my actions regarding finances in light of feeling suddenly mortal became rather exaggerated. So good advice is to take decisions not feeling YOU have to provide for others - your treatment and recovery comes first. Money is only so useful after all) Best wishes.
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Post by barnsleybiker on Oct 7, 2023 10:39:55 GMT
thanks for the reply, at first my own mortality was a shock, followed by having my family looked after when i am not about. there's money here and there but my family don't necessarily know exactly what accounts its in. nothing secretive just messy! haha
my cancer is manageable but not curable, the tax free quick end wont happen for me. i signed up for all sorts of NHS trials, they wont help me but may help future cancer folk. some of the newer targeted drugs are a bit "star trek". amazing things, usually the targeted meds name ends in "mab".
so thanks for your reply, i'll give it some thought, but now is the time to get my messy financial eggs into one easily accessible basket! seeing how poorly standard life are doing with my pension sent some real alarm bells off for me.
stay well !
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dave4
Member of DD Central
Cynical is a hobby not a lifestyle
Posts: 1,055
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Post by dave4 on Oct 8, 2023 8:04:13 GMT
I have similar, diagnosed 3 years ago, life outlook changing to say the least. Chemo fog will clear, mcmillan is brilliant and well worth contacting. Financially I have slowly changed and finalised my financial status, i have found taking ur time and talking to the people that matter is Very important.please try and remember CANCER isn't the end its just another chapter. Good luck and wishing u the very best.
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Post by Ace on Oct 8, 2023 8:37:39 GMT
It doesn't seem right to tick "like" on these posts, but my very best wishes go to you all. It's a reminder to us all to make the most of whatever time we have. Good luck.
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Greenwood2
Member of DD Central
Posts: 4,376
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Post by Greenwood2 on Oct 8, 2023 8:48:42 GMT
I have similar, diagnosed 3 years ago, life outlook changing to say the least. Chemo fog will clear, mcmillan is brilliant and well worth contacting. Financially I have slowly changed and finalised my financial status, i have found taking ur time and talking to the people that matter is Very important.please try and remember CANCER isn't the end its just another chapter. Good luck and wishing u the very best. Yes the Macmillan nurses (you can phone to discuss anything) www.macmillan.org.uk/about-us/contact-us and the 'online community', where you can talk to people in similar situations are very helpful.
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Post by bracknellboy on Oct 8, 2023 10:07:21 GMT
... my cancer is manageable but not curable, the tax free quick end wont happen for me. i signed up for all sorts of NHS trials, they wont help me but may help future cancer folk. some of the newer targeted drugs are a bit "star trek". amazing things, usually the targeted meds name in in "mab". so thanks for your reply, i'll give it some thought, but now is the time to get my messy financial eggs into one easily accessible basket! seeing how poorly standard life are doing with my pension sent some real alarm bells off for me. stay well ! I'm sorry about your medical state. I wish you all the best in the management of it, hopefully to give you as good a quality of life for as long as possible. You know your condition and prognosis better than anyone on here, but I would at least echo the sentiment of others that you need to plan for an assumption of the longer term rather than the shorter. If currently over complicated, then definitely simplifying is a good strategy: even it if is slightly suboptimal in terms of returns. It will help you when you are in periods when you are feeling less able to manage, and ultimately help your family when it comes to that time they need to take over. Not wishing to teach anyone to suck eggs, but in case it has been overlooked. Have you got someone you trust signed up for Lasting Power of Attorney for finance (and indeed for health) ? If you haven't, I'd strongly recommend that you do that sooner rather than later. For yours and your family's sake. It is much harder for them to get deuputyship etc. sorted out when you are no longer able to grant it than to get LPA set up in advance. We did this with my parents a good few years ago. It allowed me to gradually take over more and more of the finances management until the point that I've been doing it all for probably 18 months now, right down to paying the newspaper bills. It will also give your attorney an easier route into understanding any 'complexity' in your finances while you are in a good state to let them know. Even though they have it, doesn't mean they have to start actually doing anything until you are ready for them, but at least they have the authority. As an example of how things can change. With regard to my father's finances. We - that is myself and the IFA - decided to cash out some investments with view to putting into term based cash ISAs (outside of their management) graduated over 3-4 years to provide certain cash for increased care costs. Then due to unexpected change, we scrapped that and looked to do it over a 2 year cash flow outlook. I'm now rethinking that following a further deterioration a week ago. This is all over about 8 weeks or so and before I've actually managed to get any of the actual transfers completed. Good luck with everything.
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Post by barnsleybiker on Oct 9, 2023 9:43:46 GMT
thank you all, some proper sound advice, if we were down the pub and not online i'd buy you all a beer!
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Post by bracknellboy on Oct 9, 2023 10:58:03 GMT
thank you all, some proper sound advice, if we were down the pub and not online i'd buy you all a beer! we'd probably be buying you one I think.
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Post by birdie on Oct 10, 2023 8:34:39 GMT
Good luck with the treatment and hope all goes well, I know the feeling, I thought I had seen the back of it after an operation and six months of chemo for bowel cancer a few years ago, now I start 20 days of intensive radiotherapy in two weeks time for prostate cancer, like you I realise I have to make my finances a little easier to locate in the future and not hold any long term investments.
You're not on your own.
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Post by barnsleybiker on Oct 10, 2023 13:18:42 GMT
thx Birdie, no one gets out alive but i fancy dying of old age rather than the other! good luck to you,
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