Nope, I bailed hence the escape mode stance. It was a violent day and where I sail you can get massive ramps with little or no warning. I can admit to saying a small prayer on the way down!
Sorry to hear that.
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I suspect the vast vast majority of people would like to be in that position.
Everything done and dusted, pension sorted at an amount youāre happy with.
Nothing to worry about, except how youāre going to spend it.
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FYI, most quality IFAs I know will give you the initial meeting for free e.g. to scope-out what your overall situation is. Many will provide a report and recommendations based upon your circumstances for an agreed fee. If you have questions on general matters, Iām sure some of us can answer on here i.e. just providing info, not āadviceā by any measure.
It sounds like your Aviva pension, assumedly a SIPP (?), has a commutation option, normally up to 25% of fund value (subject to limit ~Ā£268k).
Once you get your ahead around some of the basic concepts, which Iād suggest you do before talking to an IFA, things tend to have their own logic and maths IME. But, thereās never a set/optimal answer, as the options you have are weighted/influenced by personal circumstances and personal preferences, especially as regards the way people are looking to manage their IHT exposures in the light of impending tax changes for pension holdings.
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Very sorry to read this, it is a terrible shock, as a number of us on this forum know. It is difficult to come to terms with when you think that you are reasonably healthy, I know. Sh1t seems to hit us when it isnāt expected, I thought I had another 10 years before all the bad stuff started, then my wife had a serious stroke, and within weeks I was diagnosed with cancer, spread to lymph. The meds will keep me going as long as they are effective, so I am just living day to day. Topped that off with the sudden need for a hip replacement, and now things are improving, my main focus is helping my wife recuperate. Living with cancer is horrible, Iām not over the issue, but I have my wife to look after, and a son who doesnāt need this. Like others, Iām still learning, and hope to continue so. I hope that your treatment is a success as far as it can be. Best wishes.
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Indeed. To me, the certainty and consistency of the income is almost as important as the amount (which is actually fairly modest).
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Why not just buy Gilts?
Well, I took the view that an annuity was rather less complex and the future amounts were certain. Plus I got an effective 6.8%, better than any gilt (the legacy option of a gilt was of no interest to me).
Plus, I plan to live to 120 
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Makes sense. 
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Annuities and DBs work best if you live to 120 !
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I have made the assumption I would like more money now and less post 67 - in my mind I think Iāll do more in the next decade and then stuff will slow down - if I get that far!
I wondered that too, FC.
Two things made me stick with Plan A in the end. My wife is 8 years younger and currently āflyingā in her job, so our current joint income is really good. Plus - the symmetry of near identical lifetime monthly payments was just too impossible to resist (I believe there may be a touch of OCD in the background .)
Makes sense, in the current political insanity having something predictable is not a bad idea! Every time our orange friend across the pond speaks my pension gets nervous!
Good to chat through here but it shows we all have different situations and there is value having a good IFA to chat through with.
In my decision making I have talked to plenty of people that have retired for counsel - this thread has been informative too.
G
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Sorry to hear this, very poignant. Hope you can stay positive and have good support around you.
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My experience is that you will need less post 67, mainly because you will have more time to search for better prices for insurance, energy etc., and because you probably have already stocked up with most things you need so rarely need to buy āstuffā.
Donāt count on slowing down though - I am 74 and eat out and holiday abroad way more than I ever have. More than half my income goes on experiences of one sort or another!
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Thatās a similar approach to the one I took, albeit almost the other way round!
I retired at 59, took my DB pensions slightly early and put my DC pensions into a fixed term annuities which run until both of us are at state pension age when the state pension will replace these payments.
Certainly was important to us rather then wringing every point out of invested pensions.
Did you get DC and DB mixed up in that post?
The DB pensions Iāve had tend to pay out for the rest of a personās life, and their spouseās life too.
The member doesnāt have to buy annuities with the DB Pension, because the benefit is pre-defined.
Whereas DC pensions are your own money because you made those contributions and can spend them on an annuity if you want to.
But maybe Iāve got this wrongā¦?
I think you have that the right way round!
Getting a cash transfer from a DB and buying an annuity is an ā unusual ā option. May work for some, but Iād not be doing that with my ESI DB scheme. The benefits really are rather good. Perhaps thatās why it was stopped in 2022.
You might be right, but donāt forget he bought a short term annuity. This would provide a higher annual payout than a DB pension payable until death.
If this suited his circumstances, why not do it.
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