Company Pension Plan being wound up

M0ssim0_2

I have recently been advised that my Company is rationalising its pension arrangements and as a result I will be required to transfer my accrued pension benefit to an alternative pension plan provided by the Company, with my current one then being wound up. I’m gravely concerned by this action as the present economic conditions will mean that, monetary wise, the value of my fund will have significantly reduced with no time being given to enable it to recover. Is there anything I can do to help mitigate the impact this transfer will create? I’m worried that this move will result in me losing thousands.

dunstonh

I’m gravely concerned by this action as the present economic conditions will mean that, monetary wise, the value of my fund will have significantly reduced with no time being given to enable it to recover.

Is it money purchase or final salary?

if its final salary then it wont make any difference (value wise) and if its money purchase then you just invest like for like. Again no difference.

Whether you use a personal pension or a section 32 buy out bond will depend on the terms and which is best to suit your circumstances.