What shall I do with it???

ladysquddie

Hello

Ok here goes. I am 39 and female and currently self employed ..

I have two pensions,
1...a small one, worked for the council for 4yrs(from local goverment)
2... a Army Pension having served 12yrs.

Now they are sitting there doing owt and lately I have been thinking about taking the money out and putting it towards a house (if theres any money I can get out that is) but I have a nagging side of me telling me to put it elsewhere and let it grow or should i just leave be???

Any help greatly received

LADY

dunstonh

lately I have been thinking about taking the money out and putting it towards a house

You cant.

but I have a nagging side of me telling me to put it elsewhere and let it grow

They are still growing.

should i just leave be???

yes.

You should also look at your current provision as you are now self employed and are no longer getting credit towards the full state pensions. So, you need to make sure your personal provision towards retirement is up to scratch (everyone should be self employed suffer more if they do not).

ladysquddie

Hi
Many thanks for your reply, Ok so best to leave them where they are then??
I havnt been doing anything re personal provision, would I be able to add to my army pension or do I have to start another and if so what are your recomendations if any??

Just a another question about 3yrs ago I looked into taking the money out of my army pension and i received a reply saying I could?? has that now been stopped??

Many thanks and sorry for all the questions.

Lady

dunstonh

would I be able to add to my army pension

No. You cannot add to the occupational pensions of previous employers.

do I have to start another and if so what are your recomendations if any??

You have to start another. I cannot make any recommendations as that would be a breach of FSA rules. Even if I did it would probably be wrong as there is no such thing as a best option as it depends on a number of things.

Just a another question about 3yrs ago I looked into taking the money out of my army pension and i received a reply saying I could?? has that now been stopped??

its not been an option unless you leave within 2 years of joining the scheme. Transfer was available and it may be that which you are mixing up but that would still need to put the money into another pension. You cannot get access to it in your hands.

ladysquddie

Ok thanks very much for the advice, i shall starting looking for a IFA asap.

Once againg many thanks

Lady