'Generation default 2'

21st December, 2020

  • I’ve bought a replacement cup for you, it’s the celebratory mug from when Quins won the league last year and it’s not been anywhere near marmite. Really sorry about the other one. So, I’ve tried this engagement business and it doesn’t work. I’ve received a statement and it’s covered in so many three letter acronyms and jargon, it may as well be written in a foreign language: FCA, TPR, NRD, AMC, FMC, TER, LTA, FAD, DWP, PMI, OMO, GMP, ESG, IGC, SIP, VfM, DIS, EoW, CYA, AVC, PPI, PIA, TAA, SPP, TDF and a PIAPT.

    PIAPT?

    Partridge in a pear tree. BTW, AA surely has a letter missing and PASA, SMPI and MPAA are just being greedy. Honestly, what’s the point of sticking it on a Dashboard? All I can say is …—…! So, when do I get my Lamborghini? I thought the details would be included in my Wake-up Pack. Instead, I got this thing about an Open Market Option. I am, however, a little uncomfortable with the serious ill-health lump sum option, although I understand it’s then all tax free.

    Well, you don’t look particularly ill.

    My adviser said not to worry about that, as he will look after the medical papers.

    What if you don’t die within the first 12 months, will he look after that as well?

    Oh.

    Yes, unfortunately one of those Suzie the Scorpion things again. The important thing about your pension is, it’s your money, you are the one in control.

    Taking my money out and investing in one of those storage boxes just seems so much less complicated. Another Suzie thing? This is so frustrating! OK, so I am enrolled into the pension, with a target dated retirement fund that will lifestyle me into a pathway. I don’t need to have any involvement, except choosing which pathway. If I don’t engage with anyone, my pension can’t get nicked.

    Well, I can see your point but what you won’t know is how much income in retirement your pension will provide until you get there. Have you thought about setting a target income and checking regularly to see if you’re on track? How is your Aunty Mavis?

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    • Published byPaul Tinslay

      Paul is a Professional Trustee for DB and DC Pension Schemes, including Chair for Sole Trustee positions, and EGLAS arrangements. With 33 years in the Life and Pensions Industry, Paul has the very rare, if not unique experience of having...

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