no idea really

rlilley66 · 30 March 2013 at 7:26PM

I am very nieve when it comes to matters pension. All I do know is that i have had two jobs up to now both with pensions and both companies having gone out of business. Most recently I worked for Comet. I have been advised that both my pensions could be dorment? Which I guess means they are no longer gaining money or something

. Said advisor then said he would email me his details and invest my pensions etc etc. He could have been talking welsh not that thats an issue welsh is nice but I would never understand it.SIPP Pension investment into the Store First Was his first recomendation and (UKSIPP Pension investment into the Manchester Terminal 2 (UK) Hotel fund.) commercial property fund. Was his second. Does anything here make any sence because it all seems to spell risk to me. Please speak simple

and advise me. Thank you in advance.

mania112 · 30 March 2013 at 7:32PM

This: http://www.storefirst.co.uk/

and this: http://www.ipsbmv.com/manchester-airport-t2-hotel-bond/

Is that what we're talking about?

If so, you're not talking to the right sort of adviser, probably not a qualified adviser of any sort (probably a salesman who doesn't know his a*se from his elbow).

Your pensions are safe, they are yours and not the companys you worked for.

They are almost certainly invested in something already (something much safer than those above) and will, all being well, continue to grow until retirement.

If you're interested in looking into this further, speak to a fully qualified IFA, one can be found at: https://www.unbiased.co.uk

jem16 · 30 March 2013 at 8:06PM

rlilley66 wrote: »

Most recently I worked for Comet.

Your Comet pension is a defined benefit - ie final salary pension - and you most certainly don't want to be transferring it anywhere. Just leave it to grow with inflation until retirement age.

http://www.comet-pensions.co.uk/

Who was the other pension with?

Said advisor then said he would email me his details and invest my pensions etc etc. He could have been talking welsh not that thats an issue welsh is nice but I would never understand it.SIPP Pension investment into the Store First Was his first recomendation and (UKSIPP Pension investment into the Manchester Terminal 2 (UK) Hotel fund.) commercial property fund. Was his second. Does anything here make any sence because it all seems to spell risk to me. Please speak simple and advise me. Thank you in advance.

Stay well away from this "advisor". It will cost you a lot and is extremely risky.

redbuzzard · 30 March 2013 at 8:15PM

The Comet DB scheme (I was in it 1991-98) closed to new joiners from 2004. When did you join Comet?

jamesd · 30 March 2013 at 10:45PM

Who advised you that your pensions could be dormant? Was it some person who phoned you out of the blue? If so, do no business of any sort with them, it's a breach of rules for them to do that and you should not trust anyone who's willing to break the rules at such an early stage not to do that again.

The type of investment proposed is very high risk and generally unsuitable for most people.

You're probably being scammed by a high cost law-breaking business of some sort. Get out now, before you sign anything. If you have signed anything, phone the pension people at both past jobs and tell them to ignore any instructions they get to provide information or any transfer requests.

rlilley66 · 30 March 2013 at 11:36PM

Guys I did smell a rat thats why I came to the home of sound advice. It was the guy on the phone who said the pensions might be dormant.My comet pension is with standard life and I worked for Comet for 16 years. I also have a pension with the prudential which I think was from my Co-op days.

jem16 · 30 March 2013 at 11:47PM

rlilley66 wrote: »

My comet pension is with standard life and I worked for Comet for 16 years.

You were obviously working with Comet before the DB scheme closed in 2004. Why were you not in that one?

I also have a pension with the prudential which I think was from my Co-op days.

Paerhaps you should find out about both pensions and see what their current value is.

mania112 · 30 March 2013 at 11:59PM

Assuming you were with Comet until they went belly up (last year) you have DB pension 1997-2004

redbuzzard · 31 March 2013 at 12:24AM

The Comet DB pension scheme was quite good - it might have been watered down a bit after I left in '98, but it was 60ths with a retirement age of 60, not 65. I collect my £8,000 pension this May.

The important part being that Darty (formerly KESA) retained liability for the pension scheme when Comet was sold to Opcapita, before going bust.

Do not under any circumstances part with the Comet DB pension.

You mentioned Prudential - possibly also connected to Comet if you did AVCs. I did some when I was there and they were with the Pru. Did quite well too, with no attention at all from me.

jamesd · 31 March 2013 at 1:09AM

If you want to tell us more about age and those and other pensions we can probably tell you some sensible things to consider.

Definitely don't do anything that might get rid of the comet final salary pension, though, those are the best sort of pensions you can get.

rlilley66 · 31 March 2013 at 12:11PM

I'm at work today until 10.30pm (great) but I think i'll have to get as much info as I can for you guys and post what I know on here tomorrow. Thank you again for your help.

no idea really

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