Pension Virgin - Please help!

ianbrown

Hello,
I was wondering if someone could advise.

I have a norwich union private pension which I pay into £50 a month and have done since 2002.

I have changed job and my new employer is Virgin and I pay £100 a month and I think they more than double it.

Money is a little tight so I put the pension with NU on ice because I cant afford £150 a month on pensions.

My question is what should/can I do with money in NU pot? I know NOTHING about pension so please tell me in laymans terms! I know that now issn't a good time but basically should I leave it till I retire (30 years), transfer to other or can I draw it?

Please help!

McKneff

I too know little about pensions but i do know that you cant draw the pension, but you can do either of the other two you mentioned. Ask Nu how much the charges would be to transfer it to your new employer, if yu think they are excessive then just leave it where it is and draw it at (i think) the age is now 55

EdInvestor

ianbrown wrote: »

Hello,
I have changed job and my new employer is Virgin and I pay £100 a month and I think they more than double it.


You need to find out more about this scheme.Is it final salary? Or is it money purchase or perhaps a group personal pension. What exactly is the deal - how much do you have to pay in, how much will they contribute? Will they accept a transfer in of your NU pension?

Come back with this info and we may be able to help.

ianbrown

Thanks Ed - I have no idea but I will find out and come back. Thanks for your reply

a7man

Its likely you will be able to transfer the funds from your NU pension into the one you are investing into currently. Whether this is a good idea will depend on how the charges match up and if there are any penalties on moving the NU pension.

It may end up being better to keep it where it is, or maybe even transfer it somewhere completely different.

dunstonh

I would also consider investment options if mone purchase. The retail Virgin products tend to be very poor value and have limited investment options. If the employee version is similar then leaving the NU pension paid up where it is could be the best option.