>>ASDA Pension scheme HELP

hi guys, im 22 and left asda a couple of years ago. when i was 18 i began paying 2% of my wages into a pension which asda matched. i have received annual statements from asda/ the PRU and the balance is ~£650. is there any way i can get my hands on any of the money now? i dont care if there are deductions or if i dont get the asda input, i would just love to have something.

having read a few other threads it is clear that the pension scheme is not very well explained by asda, as retirement is the last thing on my mind when doing a part time student job.

any advice would be much appreciated.
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  • Lokolo
    Lokolo Posts: 20,861
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    No you can't.

    A pension is for your retirement, not for you to dip in and out of.
  • dunstonh
    dunstonh Posts: 116,038
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    having read a few other threads it is clear that the pension scheme is not very well explained by asda, as retirement is the last thing on my mind when doing a part time student job.

    I read the ASDA documentation last year for a client and to be honest, i found the new scheme (money purchase version which you have) to be very well written. It was dumbed down nicely with nice plain language.

    Indeed, ignoring the obvious that the word pension clearly indicates that it is a .......pension, here is a copy and paste from ASDA before they even get into the full details:

    It’s never too early to start planning for your retirement and whatever arrangements you’ve made already, the ASDA Pension Plan is a great addition to them. One of the best bits about it is that ASDA contribute to your pension too, which really adds to its value.

    So, even if you dont read the details, the introductory sentence covers off exactly what it is for. What you really mean is that you couldnt be bothered to read what they gave you and that you would have turned down free money had you read the details you were given.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • yes i remember reading such things as above. i knew it was talking abour retirement etc, but i was hoping there would be an option to take a small amount of the pot and let asda have the rest back. i mean, we're hardly dealing with thousands of pounds.
  • Andy7856
    Andy7856 Posts: 246
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    Speak to the pension administrator, when i left previous companies, both gave me the option to either freeze the pension until i retired OR cash it in as it was such a small amount. If i recall i only my contributions back not the contributions the company made on my behalf. Granted i had done done 12 months service with the companies when i left so my circumstances were different to yours..
  • FLAPJACK
    FLAPJACK Posts: 524 Forumite
    The only way I know of to get your contributions back from a company pension scheme was if you have been paying into it for less than two years. Otherwise it's called a deferred pension.
  • Coincidentally my wife is in the process of retiring from Asda and the reason for this online visit is to establish if there are any details available so we can make an educated decision on what to do with her pension fund.
    In the April 2003 Asda Pension Guide (you were almost certainly provided with a copy) it is clearly stated precisely what your options are:-
    If you had been in the Plan for less than two years you would automatically have received a refund of contributions less 20% tax.
    For greater than two years membership you could either have 'preserved' your account in the plan until Normal Retirement Date or transferred your account to another approved fund.
    Based on your original question it is likely that your account is preserved.
    Your current options therefore remain the same - transfer your account or preserve it. Or to put it another way - no cash 'til you're 55 at the earliest!
  • I left asda around 7 yrs ago now and was paying into the asda pension scheme for a few yrs,i had totally forgotten about this until recently,does anybody know how i would go about transfering it or who o speak to about it?
  • Lokolo
    Lokolo Posts: 20,861
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    It will entirely depend on what sort of pension it was. You should ring the pension provider.
  • split_second
    split_second Posts: 2,761 Forumite
    I left in 2006, left it completely inactive, didnt respond to the letters, in the end they told me the cash in value (about £500) and if I didnt respond to the letter in a fixed length of time they would send me the cheque and cash the plan in, I didnt understand that so they sent me the cheque and I put it towards my house deposit
    Who remembers when X Factor was just Roman suncream?
  • margaretclare
    margaretclare Posts: 10,789 Forumite
    I left in 2006, left it completely inactive, didnt respond to the letters, in the end they told me the cash in value (about £500) and if I didnt respond to the letter in a fixed length of time they would send me the cheque and cash the plan in, I didnt understand that so they sent me the cheque and I put it towards my house deposit

    In that case it's gone! You can't transfer it because it doesn't exist any more. You had a refund of contributions, which you can do if it's a small amount. End of story!
    [FONT=Times New Roman, serif]Æ[/FONT]r ic wisdom funde, [FONT=Times New Roman, serif]æ[/FONT]r wear[FONT=Times New Roman, serif]ð[/FONT] ic eald.
    Before I found wisdom, I became old.
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