Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Moniker
    • By Moniker 11th Nov 17, 2:26 PM
    • 626Posts
    • 9,607Thanks
    Moniker
    Advice sought for student daughter
    • #1
    • 11th Nov 17, 2:26 PM
    Advice sought for student daughter 11th Nov 17 at 2:26 PM
    My 34 year old daughter worked for a university for a couple of years and contributed to their pension scheme. She left to start a 3 year PhD in September and is now a full time student. (She has no other pension savings as she has never earned enough before to pay into a pension).


    She has received a letter fro her former employer informing her that she can take her contributions (around a measley £50) or transfer to another provider (worth about £2500). She has only three months to make the transfer or will lose the right and may just have her contributions returned. My question is this: to where should she transfer the pension?


    She is unlikely to be able to contribute much if anything in the next three years but it would be silly to lose the transfer value. She isn't really keen on managing the investments herself - So a SIPP is not helpful as the costs would outweigh the benefits. Do Stakeholder pensions still exist and is this the answer for her situation? Is there a league table of best buys somewhere she can look at? Thanks - any advice welcome. Moniker
Page 1
    • xylophone
    • By xylophone 11th Nov 17, 4:11 PM
    • 23,464 Posts
    • 13,640 Thanks
    xylophone
    • #2
    • 11th Nov 17, 4:11 PM
    • #2
    • 11th Nov 17, 4:11 PM
    Stakeholder pensions still exist.

    https://www.cavendishonline.co.uk/pensions/stakeholder-and-personal-pensions/aviva/ might be worth a look.
    • bigadaj
    • By bigadaj 11th Nov 17, 6:35 PM
    • 10,725 Posts
    • 7,014 Thanks
    bigadaj
    • #3
    • 11th Nov 17, 6:35 PM
    • #3
    • 11th Nov 17, 6:35 PM
    Is this a defined benefit pension?
    • Moniker
    • By Moniker 11th Nov 17, 7:21 PM
    • 626 Posts
    • 9,607 Thanks
    Moniker
    • #4
    • 11th Nov 17, 7:21 PM
    • #4
    • 11th Nov 17, 7:21 PM
    Yes I think so.
    • Dazed and confused
    • By Dazed and confused 11th Nov 17, 8:17 PM
    • 1,868 Posts
    • 831 Thanks
    Dazed and confused
    • #5
    • 11th Nov 17, 8:17 PM
    • #5
    • 11th Nov 17, 8:17 PM
    Doesn't she have the option of just keeping the pension?
    • Moniker
    • By Moniker 11th Nov 17, 10:07 PM
    • 626 Posts
    • 9,607 Thanks
    Moniker
    • #6
    • 11th Nov 17, 10:07 PM
    • #6
    • 11th Nov 17, 10:07 PM
    Apparently not.
    • Sarastro
    • By Sarastro 11th Nov 17, 10:11 PM
    • 260 Posts
    • 183 Thanks
    Sarastro
    • #7
    • 11th Nov 17, 10:11 PM
    • #7
    • 11th Nov 17, 10:11 PM
    Given the difference between the transfer value and refund value of her contributions, it doesn't really matter where she transfers it as long as she does. I suspect she was there for just less than 2 years which is a common qualifying period, hence option to receive refunds and not to stay in the scheme.
    I had a similar situation with a Local government scheme. I transferred this to my private pension with Scottish Widows (I'm not recommending them - just saying that's what I did). I thought it was pretty straightforward so guess most of the reputable pension companies will do the same.
    • Moniker
    • By Moniker 14th Nov 17, 5:32 PM
    • 626 Posts
    • 9,607 Thanks
    Moniker
    • #8
    • 14th Nov 17, 5:32 PM
    • #8
    • 14th Nov 17, 5:32 PM
    Yes, we realise that it is much better to transfer than not but don't know where to. She is going to be a full time student for the next three years and won't have much in the way of income apart from her scholarship and there is nothing left over from that to invest anywhere. Can anyone suggestwhat would be the best place to put this money which won't require her to add any more until she is able to?
    • xylophone
    • By xylophone 14th Nov 17, 8:06 PM
    • 23,464 Posts
    • 13,640 Thanks
    xylophone
    • #9
    • 14th Nov 17, 8:06 PM
    • #9
    • 14th Nov 17, 8:06 PM
    She was in USS?

    Are you sure she can't leave it deferred?

    https://www.uss.co.uk/members/members-home/leaving-the-scheme
    • Moniker
    • By Moniker 22nd Nov 17, 8:31 AM
    • 626 Posts
    • 9,607 Thanks
    Moniker
    She was in USS?

    Are you sure she can't leave it deferred?

    https://www.uss.co.uk/members/members-home/leaving-the-scheme
    Originally posted by xylophone

    No it isn't USS, it's OSPS(University of Oxford Staff Pension Scheme). She had temp admin work with them and we think this relates to that rather than the part time academic posts she has had over the last couple of years.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

340Posts Today

4,254Users online

Martin's Twitter