First published in Engaged Investor Online, 30th May 2014
Richard Butcher pledges to ditch the pensions jargon after visiting an Oxfordshire pub
I met a mate of mine the other day in The George, one of the pubs in our village. He had rung me a few days before asking if he could pick my brain.
“No problem” I’d replied and here we were sat in the early evening sun outside an Oxfordshire country pub, pint of Original in hand.
“Richard” he began, “I am, as you know, getting pretty close to the termination of my retirement accumulation process and I need your view as a mate. I’m concerned about optimising my decumulation phase.
“I could annuitized, but have heard of the Budget proposal to de-restrict the ‘at retirement’ options. I may want to take a pension commencement lump sum but I’m concerned that this might be a benefit crystalisation event. I had enhanced protection but I’m unsure how this is affected by my having a limited revaluing GMP that I accrued while contracted out of SERPS and S2P in my employers COSR a few years ago.
“Do you think I could secure an enhanced life annuity? I’m not sure as I don’t understand the jargon my doctor speaks. Should I think about my nominated beneficiary? I quite like her but between you and me I’ve been having a ‘thing’ with the barmaid?”
I drained my pint and went to get us another…
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