Help With Confusing Pensions Please

steamroller

Hi all,

I wondered if anyone could offer any suggestions on what I can do with regards to myself and my partner's pensions.

I have one that is frozen (I assume anyway as I no longer pay into it) since I left a company in 2000. My partner has 1 with Prudential, 1 with Scottish Amicable and 3 with Scottish Widows that are no longer being paid into either. All of my partners except 1 are company pensions and 1 was a private one.

Is it best to leave them as they are or try to combine them or move them? It's not possible to take a lump sum out is it?

Any advice would be great.

Thanks you.

dunstonh

Is it best to leave them as they are or try to combine them or move them?

Depends on the terms and options on the old plan versus what you can get on a new version. Often you can improve terms and investment options with modern plans but that isnt always the case.

It's not possible to take a lump sum out is it?

No. That is why they are called pensions. You can only access them when you get closer to retirement (age 50 but rising to 55 from 2010).