Teacher pension advice - Weslyan fees

[BG2015]

I had some pre-retirement planning from the Weslyan back in 2022. As it was an initial assessment it was free. They only charge if you invest or take out products with them.

I'm now planning my early retirement from teaching in the summer and need some financial advice of where to put my lump sum etc to get the most out of it.

Have any ex teachers used the Weslyan to help with their retirement/investments? How do they compare with fees and are they any good?

I don't have a lot to invest so don't want it to be swallowed up with loads of fees.

My partner used Wesleyan when coming up to finishing teaching, we didn't feel they offered any advice that we didn't already know, therefore didn't use them after the initial free consultation.

Have you got plans to populate a S&S ISA or a SIPP for example, as you could do both without needing to pay for advice.

Thanks for your advice. Looking at various Financial Advisors fees I don't think it's worth it, their charges are large.

I've got a bit of money in a SIPP but can only put £2880 in it after I retire (unless I get another job).

Yes I plan on putting some of my lump sum into a S & S ISA.

I think I may have to sort this out myself as it's only a small lump sum, otherwise whatever interest I make will get paid in FA fees.

The year when you first retire you are likely to have been earning for some of the financial year so could put that value into a SIPP if you wanted to

Good luck. My partner did the approach of sort it out yourself, for example after filling up an ISA for this year, putting 40k in a high interest savings account and diarising to move 20k at a time into his ISAs in the next 2 years.

The TPS pension was paid promptly to him and each month TPS supplies a pdf "payslip' including details of tax code etc

Have a look at MoneyHelper https://www.moneyhelper.org.uk/en. You can get a free Pension Wise phone session. It won't tell you exactly where to invest but it will help you clarify the advantages and disadvantages of different kinds of investments. I like to think I'm pretty financially astute but I still found it helpful.

All rates u can look up online. Only big decision is 25% lump sum of less. I was lical government, put half my salary into pension and got it all back as part of lump sum as had £400k pot.

Thank you for this, very helpful

We have a Wesleyan advisor - he is free? Not sure why then if not usually. Think we are members though ( medics) used to be MSS medical sickness society