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Stakeholder & ex Works Pension
Hawksmuir
Posts: 144 Forumite
I paid into a works pension for 5 years, I have since moved company twice and I now have a stakeholder pension with Scottish Widows.
Can I transfer the value of the ex works pension into the stakeholder ?
Or do I have to keep the 2 separate ?
Can I transfer the value of the ex works pension into the stakeholder ?
Or do I have to keep the 2 separate ?
Mortgage Free Wannabe 2009 Challenge
Mortgage Free Wannabe 2009 Challenge £1,000 overpayment.
Total Mortgage £90,000 (as at 01/01/09)
Mortgage Free Wannabe 2009 Challenge £1,000 overpayment.
Total Mortgage £90,000 (as at 01/01/09)
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Comments
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Was this a "final salary" works pension? If so it would generally be thought unadvisable to transfer it to a personal pension.Trying to keep it simple...
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Scottish Widows will not allow transfers of occupational schemes in unless advice has been taken. They have a box on their application to confirm it has sought advice and whether it has to be reported to the FSA.
This is mainly because most occupational schemes are best left where they are and SW (and a number of other providers) do not want any come back on them.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 -
Decided to do the decent thing and call SW, they have no problems accepting a transfer of benefit form my ex works pension (not final salary), so the wheels are in motion.Mortgage Free Wannabe 2009 Challenge
Mortgage Free Wannabe 2009 Challenge £1,000 overpayment.
Total Mortgage £90,000 (as at 01/01/09)0 -
not final salary being the reason for that. Are you still sure its the right thing to do though? A money purchase occupational scheme can offer greater benefits than the stakeholder, in addition to the usual lower charges.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
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ScotWid funds
Substantial array of choices, including quality external ones.(scroll down to 3038 and then over page).
What are the charges?Trying to keep it simple...0
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