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Auto-enrolement transfer
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Green_hopeful
Posts: 627 Forumite
My son has more than three months but less than two years auto enrolement pension with his previous employer. They have written to him saying he either has to transfer the fund to another pension or it will be refunded to him and the pension scheme. Most/all of the fund has come from the employer so he will be giving the money back to the employer unless he transfers. The amount is quite small, £1,700 which limits where it can be transferred to. He is currently not working.
He is in his early 20s so it would be a good start and obviously if he could add to it if he gets another job.
I have looked at SIPPS, stakeholder and personal pensions but it is really difficult to make any decisions as there is so much out there.
It seems stakeholder pensions are not popular anymore.
So what I need is a sensible pension to transfer this amount into that would be a good place for him to add to in the future. I thought about going to a financial adviser but I am not sure they would be interested for a small fund.
Any ideas of a good sensible pension for him to start investing in? Or where is should look.
Ever hopeful
Green hopeful
He is in his early 20s so it would be a good start and obviously if he could add to it if he gets another job.
I have looked at SIPPS, stakeholder and personal pensions but it is really difficult to make any decisions as there is so much out there.
It seems stakeholder pensions are not popular anymore.
So what I need is a sensible pension to transfer this amount into that would be a good place for him to add to in the future. I thought about going to a financial adviser but I am not sure they would be interested for a small fund.
Any ideas of a good sensible pension for him to start investing in? Or where is should look.
Ever hopeful
Green hopeful
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Comments
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It seems stakeholder pensions are not popular anymore.
Niche product now for small amounts or people needing stakeholder payment methods which they cant get on a PPP or SIPP.So what I need is a sensible pension to transfer this amount into that would be a good place for him to add to in the future. I thought about going to a financial adviser but I am not sure they would be interested for a small fund.
Can you verify the scheme type. You say auto enrolment but the scheme rules suggest defined benefit or occupational defined contribution (i.e. not a group personal pension). The answer may influence what you have to do next.Any ideas of a good sensible pension for him to start investing in?
The priority is to get it into another pension if it cannot be left where it is. The amounts involved will impact on the fine tuning but if it is small then a stakeholder is probably the right area to look at for the time being. It also allows a penalty free move later should something else be better.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.0 -
It is called a ZCashBuilder Retirement Account. The letter says it must be transferred into a registered pension scheme. I cannot find anything else about what type of pension it is. I can ring the pension people and ask in the week.0
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http://www.cavendishonline.co.uk/pensions/stakeholder-and-personal-pensions/friends-provident/
Might this be worth an enquiry?0 -
Thanks xylophone it is the right pension. Still doesn't say what it is. I shall have a look at Cavendish.0
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