Ok, I am a pensions dummy!!!!!

JulieAW

I have been paying into a private pension scheme (taken over at various times) for 15 years and have accumulated around £21,000 in that time. During this time I worked as a temp so it was vital for me to to do this.

I have just started a permanent part time job where my employer is offering a final salary scheme (I know, rocking horse !!!!!) and am wondering whether I can, and indeed need to, continue paying my private pension too?

Furthermore, what will happen to the contributions I have already made? Will they just sit there and grow and then I can take them at 60, alongside my company pension?

And do I need to do anything else other than cancel the payments to the private scheme?

Cheers!

EdInvestor

No need to pay into the private scheme as well, but post some details about it, as it may be wise to either change its investment arrangement or move it to a different provider - some of these old plans don't compare well with modern pensions.

Provider
Current value
Transfer value
Funds invested in
Alternative funds available (incl outside ones)
Charges payable

jamesd

For the last couple of years it's been possible to have an unlimited number of different pension plans, so your easiest option is to just continue with the personal one and add the work one. You can almost certainly reduce the contributions to the personal plan. It may offer more flexibility than the work plan about when you can take the pension money.

Your can ask work whether it's possible to buy extra years with existing personal pensions. I doubt that it will be worthwhile but it's nice to know if the option is there. If it is, there's usually a strict time limit within which it must be done, likely within the first year.

Any 15 year old pension is fairly likely to have quite limited investment choices compared to new pensions so it's also worth reviewing the investment choices you have in the old plan and considering whether you might just want to switch to a newer plan to get more or better options and possibly lower costs.