Whether to move pension scheme money...

Jaime2818

A family friend has been put in an awkward position, after working for a company for over 20 years, started a pension with them, then made redundent. After leaving, the pension scheme started has been changed and he has been offered a variable interest rate on the pension, this being possibly not the best place for the money. The letter is full of jargon and hard to understand as to what the options are is it as simple as being able to move the money that being £28,000 over to a high interest account.

Any advice would be much appreciated.

dunstonh

Its not going to be simple for us to answer. We would need to know the options, the reasons and a bit of personal information to see what is best. Not really ideal for an internet forum. You could try a bit more info and see if we can give some pointers but there is no way any of us here could give any advice.

EdInvestor

Jaime2818 wrote: »

The letter is full of jargon and hard to understand as to what the options are is it as simple as being able to move the money that being £28,000 over to a high interest account.

No.The money must stay within a pension, but can be transferred to another provider.

Is this a final salary or a money purchase pension?