Could someone advise me on my pension and life cover

[faolteam]

i have 2 questions please im 47 single no kids

i have 3 pensions with different companies,

2 were to be cashed in when im 65 but one of them was not till im 70

so i decided to take out another one till im 65 but cut half the price i was paying on the 70 yr one so at least i would have half it by 65

but i met my finacial advisor and now he suggests putting all 3 into one and putting it in a bond and investing it in oil and commodities , is that a good thing to make them all one ???

is this a good idea ???

he says i will save money any help

2nd question : i have life cover for 57,750 and specified illness cover 57.750, im thinking if losing the specified illness cover and lowering the life cover to 15-20000 euro and taking out Vhi cover

what doi people think of my cover here is it too much any ideas or suggestions
thanks

 

[Brendan Burgess]

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[LDFerguson]

On the pension, you should ask your financial advisor to send you an e-mail detailing the following: -

• Why exactly he feels that amalgamating your three pension plans into one is in your best interests, given your stated requirement to withdraw some of your funds at different ages. (I'm assuming that you did tell him that you wanted to take some benefits at 65 and some at 70. A financial advisor can only work with the information they're given.)
• Will you be charged for transferring out of any of the existing plans?
• Will you be charged for transferring into the proposed new one?
• Charges you are currently paying on an ongoing basis on the three existing plans, compared with charges on the proposed new one.
• Why is he suggesting that you switch to oil and commodities, as opposed to the funds you're currently in.

Post the reply you get here so that we can give an opinion.

On the life cover, I'd suggest that you don't pay for a random level of life cover for the sake of it. Work out why you need life cover in the first place. Any debts? Funeral expenses? Other reason? Then decide.

 

[Baracuda]

• Why exactly he feels that amalgamating your three pension plans into one is in your best interests, given your stated requirement to withdraw some of your funds at different ages. (I'm assuming that you did tell him that you wanted to take some benefits at 65 and some at 70. A financial advisor can only work with the information they're given.)
• Will you be charged for transferring out of any of the existing plans?
• Will you be charged for transferring into the proposed new one?
• Charges you are currently paying on an ongoing basis on the three existing plans, compared with charges on the proposed new one.
• Why is he suggesting that you switch to oil and commodities, as opposed to the funds you're currently in.

.

+1 Also ask what bonus's are payable now and in the future for existing and new pensions and is there any termination charges for canceling any of the existing pension's. May I suggest that you request a projection for each of your existing pensions based on retireing @ age 65 and get a projection for the proposed pension based on their current values and continued premia, then you will be able to see if there is an advantage for mergeing the three in to one.