Lapsed Pension

Naomim

Hello everyone,

When I was 18 I started a private pension, I was on a very low wage and didn't pay very much every month. I think I opted out of serps. Anyway, I carried on paying in until I was about 25. I'm now 35. I have moved since I last had any contact with the company (again I think it was a brokers) and I'm a DFW huggy so I have no money to pay in at the moment (and not for the next forseeable couple of years)

I do have some old paperwork but I don't understand any of it Should I get back in touch with them to at least let them know I am still here but can't afford anything at the moment? Is there anyway you can get your money back?

Thanks

Naomi x

dunstonh

If it has lapsed then it wont have a value. What it has probably done has been made paid up. Especially if you contracted out. Indeed, you may still be contracted out.

You should give them the change of address.

Is there anyway you can get your money back?

No. The Govt isnt silly. It doesnt give tax relief, tax free growth and other tax advantages to pensions only to allow people to draw on them before a suitable retirement age.

Naomim

So does that mean I wouldn't be able to start paying in to it again? What does "made paid up" mean?

sorry for being dim

Naomi x

dunstonh

paid up means you stopped paying into it.

You may or may not be ablet to restart it. It may or may not be best to restart it. Modern plans are generally better although there are some very good old plans out there.

Naomim

Thanks Dunston. If I started a new one, would I be able to tansfer the money from the old one? I don't like the idea of throwing that money away.. I've done enough of that over the years

Naomi x

dunstonh

would I be able to tansfer the money from the old one?

Yes. Although it may or may not be the best option. Whilst old fashioned plans can be pretty rubbish, there are some gems out there.