Name changed as I don't want to out myself.
I had a large pension pot of £263K from a previous employer, took financial advice and decided not to transfer in to my new employer's scheme (local gov't) but to invest in a SIPP. Main reason was the flexibility of being able to withdraw from 55, and also so that my son (I'm a single parent) would get it all if I died. My adviser put together a SIPP plan for me which I started last Feb (2016). It's a Standard Life SIPP and consists of the following:
MG Property Portfolio feeder - £119.5K (44.9%)
Std Life MyFolio Managed III - £88.2K (33.1%)
CF Woodford Equity income acc - £54.8K (20.6%)
Cash - £3.7K (1.3%)
The total of my fund is now £266K (after fees of £5K) which to say the least I am really disappointed in. I know there's no guarantee of growth etc., but I did query with my adviser at the time the wisdom of investing so much in property and I have looked at each of the fund's performances on HL website and it shows over the last 12 months:
MG - (7.06%)
SL - 10.3%
CFW - 9.68%
I wish I had had the confidence to say I thought he was wrong at the time. However, would it be too soon to change the structure of my plan and move away from putting so much in property?
Also, what should I be expecting from my adviser - I meet with him about every 6 months, the discussions go along the lines of 'it's very uncertain at the moment, Brexit etc'. I'm meeting him this afternoon and expecting it to be 'it's v uncertain, gen election blah blah'. I'm going to ask him about fees as £5K seems a lot.
I would really like to have more knowledge about managing investments so I don't just leave this all to him. I made a huge decision to invest in the SIPP, and this is my retirement fund/my son's inheritance so it's obviously massively important to me. Any advice on what I can do to get that kind of knowledge?
I am 51, and hoping to retire at 60 - although I would still do some kind of 'work' whether it's setting up my own small business online, or doing a couple of days a week somewhere. I just don't want to be in the position I'm in now where I am dependent on my job to pay the bills, and feel like I have to keep pushing myself to earn more money.
I would like to draw 25% of my SIPP when I'm 55 to pay off my mortgage (which is currently scheduled to run for another 15 years from now - I will also be overpaying on this). I am paying in to the Local Gov pension scheme from my current job (been in since I was 50), so will have a small amount from that when I retire (assuming I stay in LG work) but that will be a Brucie Bonus rather than anything substantial.
Any thoughts to help me please?
TIA
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SIPPerstar · 20/04/2017 10:36
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