Where to start..book/website on how to invest pension funds?

[Margery80]

Am about to retire, and downsize and need to do some research about how to invest my pension pot. Can anyone recommend a book or website to save me hiring a financial advisor?

This is a very very serious and important decision. You should, of course, educate yourself. Meaningful Money by Pete Mathews is a good start.

However I would suggest this is primarily in order to follow what your financial adviser is saying. If you are asking this question, here, at the point of retirement, the only reasonable recommendation is that you seek independent financial advise. NOT st James' place.

If you screw this up at point of retirement its potentially a long time to live with no hope of recovery.

Coming up for retirement is a good time to get financial planning advice. There are a lot of things to consider, if you will take a lump sum, if you will use FAD or UFPLS or an annuity. What on going investing you will still do. How to maximise tax allowances.

Video about finding a financial planner:

You need to seek proper financial advice. NOT some back street IFA but a recommended advisor, independent or tied - but make sure you select the right one.

On a side note, my own experience of St James has been fantastic.

Possible thick question: what is St James's Place?

I have had a meeting with a Financial adviser who sounded very knowledgeable BUT I can't help but feel it seems to involve them getting a huge chunk of money to set up plus ongoing fee every year. My MIL (in Australia) managed her own retirement money for years very successfully on her own (sadly she now has dementia, and her money is being handled by an IFA), so my feeling is that it is possible - but atm I know nothing!!

Where is your pension invested at the moment? Why do you feel the need to move it?

It is a private pension, I am about to retire so no more salary - need an income.

So it is already invested, and it sounds like what you are asking for is advice about managing withdrawals to be sustainable and for the pot to last you for as long as needed? This may or may not require a change to the underlying investments/provider.

The starting point would be your existing pension provider. They may not be able to give you any advice but understanding all the plan details is essential for you to be able to compare your existing options against any alternatives. Have you obtained up to date plan information yet, including asking whether there are any guaranteed annuity rates or other safeguarded benefits that apply, and what options you have for taking benefits, I.e. is flexible income drawdown available or would you have to move to another product?

well the pension on its own is not enough. I have just sold my house and will be moving to Ireland to downsize, so that should net me a tidy sum for investment purposes.

You've already met with a financial adviser. If they do the job properly then the arrangement they recommend should be suitable to meet your needs going forward, barring any major changes to your personal circumstances. You are not obliged to take up their annual ongoing servicing offer, but it really does sound like taking initial advice would be money well spent.

I am biased as an adviser myself but this is a critical pot of money and a decision that you want to get right first time.

Sunseed for the first year would there be a set up plus annual fee or would set up include annual fee?

If you decline the ongoing advice service then you should just be charged the initial set up fee. If ongoing service is included then it is commonly deducted monthly, starting from the first month of the new arrangement. So by the end of the first year you will have paid the full charge in advance of your annual review.

Even if they insist upon annual servicing as a condition of their providing initial advice, you are not obliged to take it and can cancel this fee deduction directly with the pension provider at any time. But then expect to pay a new advice charge for any work you engage them to do in future if you don't have the ongoing service.