What to do with my previous pension

bitterblue

I am sure this question has been asked before, but I would appreciate some advice. I am about to move to another job which has no pension fund. I have been in the pension fund at my present firm for 3 years. I will be taking out a private scheme, would I be better leaving the money in my current pension scheme or transferring it to my new private scheme as a lump sum. Thanks

MikeP_5

Hi - it depends what sort of scheme your previous pension was and what benefits/guarantees it offered - if it was a 1/60 final salary scheme I would be more likely to say leave it where it is than if it was a money purchase scheme in a dodgy fund! If you have a benefits statement confirming these details that would help - happy to take a look if required !

EdInvestor

Hello MikeP

I don't think you are allowed to advertise your business in your signature.

EdInvestor

bitterblue wrote:

I am sure this question has been asked before, but I would appreciate some advice. I am about to move to another job which has no pension fund. I have been in the pension fund at my present firm for 3 years. I will be taking out a private scheme, would I be better leaving the money in my current pension scheme or transferring it to my new private scheme as a lump sum. Thanks

Hi BB

What sort of scheme was it? Final salary, occupational money purchase, Group Personal(or Stakeholder) pension?

Are you a basic rate taxpayer BTW?

whiteflag_3

EdInvestor wrote:

Hello MikeP

I don't think you are allowed to advertise your business in your signature.

Agreed!

MikeP_5

I think the nature of the job we do means that we cannot answer all queries in an open forum - just offering the option of more in-depth discussions off-list if required! Don't see the harm in that really?!?!?

whiteflag_3

MikeP wrote:

I think the nature of the job we do means that we cannot answer all queries in an open forum - just offering the option of more in-depth discussions off-list if required! Don't see the harm in that really?!?!?

What would happen to this forum if IFAs started using it as a platform to tout for business?

IMHO your signature is a blatant advert. Dh manages to help others without advertising his firm at every opportunity.

I also think you are taking risks by giving what appears to be advice and associating it with an (FSA) regulated firm

dunstonh

At the moment MikeP, you are probably in breach of FSA rules regarding disclosure. Once you mention your company, you have to go the whole hog with compliance disclosure (i.e. authorised and regulated by...blah blah). If you just mention your status but not link your site, then full compliance disclosure isnt required.

MikeP_5

Steady chaps! Whiteflag, I have posted 3 times today - hardly touting for business at every opportunity! I was merely offering posters a means of obtaining further assistance - certainly not touting for business! It's obvious from the numerous questions asked on this forum that the general public remain entirely confused re pensions and related matters, and need advice - I was merely trying to help. Don't be so cynical!!

In order to placate the more touchy amongst us, I have amended my signature accordingly and hope that this meets with your approval, Mr Flag ;-)

As regards crossing the line re advice/non advice, my 3 posts today have been of a generic nature and non-client specific.

Anyway - sorry to have offended - certainly didn't intend to! Hopefully we can now co-exist in a peaceful and helpful manner.

EdInvestor

Hmmm

A bit more editing might be needed... this might be suitable:

I am an Independent Financial Adviser - my company is authorised and regulated by the FSA - however please note that any views or opinions expressed are solely those of the author and do not constitute financial advice.

HTH

MikeP_5

lol - thanks for your input ;-)