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
    • sortofwinning
    • By sortofwinning 18th Oct 16, 4:37 PM
    • 73Posts
    • 27Thanks
    sortofwinning
    Transferring workplace pension
    • #1
    • 18th Oct 16, 4:37 PM
    Transferring workplace pension 18th Oct 16 at 4:37 PM
    Hi could anyone advise me on whether or not I can transfer a workplace pension into my private stakeholder pension if I have no other job to go to?


    I've just had a third mental breakdown in the space of a year after being bullied at work for the past year and a half. I was on the sick but have just resigned from my job today. I don't have another job to go to and may be on the sick for a while. I have some ideas for self employment but due to the complexity of them, plus the fact that my brain is currently scrambled, I don't think that I'll be able to put them into place any time soon.


    So could anyone tell me what happens to my workplace pension in my current situation? There won't be a huge amount in it because I was a low earner anyway, but I still obviously have to claim the money somehow.


    TIA
Page 1
    • Linton
    • By Linton 18th Oct 16, 4:54 PM
    • 6,946 Posts
    • 6,542 Thanks
    Linton
    • #2
    • 18th Oct 16, 4:54 PM
    • #2
    • 18th Oct 16, 4:54 PM
    Is the pension Defined Benefit (eg Final Salary) or Defined Contribution where you have a personal pot of investments?
    • dunstonh
    • By dunstonh 18th Oct 16, 4:58 PM
    • 85,120 Posts
    • 50,138 Thanks
    dunstonh
    • #3
    • 18th Oct 16, 4:58 PM
    • #3
    • 18th Oct 16, 4:58 PM
    Workplace pension is a term that covers any type of pension offered in the workplace. It is not a term that covers one type of scheme. So, it could be a defined benefit, COMP or GPPP amongst others. Each has its own rules of things to be aware of.

    Stakeholder pensions are a niche option nowadays and largely obsolete for most people. So, it may be that transferring both into a new scheme is the best option. Or leaving both where they are (for now) could be.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • sortofwinning
    • By sortofwinning 19th Oct 16, 7:17 PM
    • 73 Posts
    • 27 Thanks
    sortofwinning
    • #4
    • 19th Oct 16, 7:17 PM
    • #4
    • 19th Oct 16, 7:17 PM
    Thank you Linton and Dunstonh. I don't even know which type of pension my work pension is. Because I am such a low earner, I wasn't counting too much on the workplace pension and didn't factor it in to my retirement calculations. I focussed instead on my private stakeholder pension.


    I am a bit clueless. I think that from what Linton said, it is a defined contributions pension. Probably I need to call Legal and General and they should be able to advise.
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

611Posts Today

3,658Users online

Martin's Twitter