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Pussers pension advice

chockhead819

War Hero
Wonder if any one can give me some advice. I did 10 years in the mob & acquired a pension lump sum of £2200 in 87, I have received an update & its now worth a lump sum of £6000.

Due to illness I'm think of appying for it early as I'm unlikely to get back to work.

What i was wondering is it worth claiming it now & putting the lump sum in an ISA or just leave it until I retire in 15 years as its index linked.

Cheers
 

Waspie

War Hero
See your banks financial advisor for free professional help. (Or private advisor who you know and trust). Unless anyone here is current with the nuances of the financial market today then any advice will be made with the best will but no financial expertise. (Ex financial consultant of Lloyds speaking).
 

AndyGrayland

Lantern Swinger
In the long run index linked pensions have always provide a higher return than a bank account or ISA. If the BoE keeps cutting IntRates then you'll have to start paying to save. :p 15 years is a long way away. Don't let the current financial crisis put you off. The only way you'll lose out is if there's a 15 year recession, but if this happens, it won't matter where your money is (unless you buy gold).

Please note - I am not an expert and you should always consult a financial advisor before making big decisions about pension funds.
 

Dunmytime

Badgeman
Slightly different query, but on the same thread - does anyone know how to go about getting a "status" update on lump sum and expected pension from the RN - either on retirement age or early retirement etc. Is it still all done out of HMS Centurion, which is where I got all the gumf when I left the mob in 1980 - had nothing since. Tks.
 

Pitfirrane

Lantern Swinger
Dunmytime said:
Slightly different query, but on the same thread - does anyone know how to go about getting a "status" update on lump sum and expected pension from the RN - either on retirement age or early retirement etc. Is it still all done out of HMS Centurion, which is where I got all the gumf when I left the mob in 1980 - had nothing since. Tks.

I got all my pension estimates, info and setting up Forms etc from:

Armed Forces Personnel & Administration Agency.
Pensions Division MP 480,
Kentigern House,
65, Brown Street,
GLASGOW
G2 8EX

Tel: 0141 224 3600 Military (9) 4561 3600

Hope this helps. PM me if you need any more info.
 
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