Old personal pensions

Jenny2008

I had a personal pension in my twenties with Virgin. I didn't pay into it for very long because I got into debt instead There's only around £3,000 in it and I've not contributed for a long time.

I make a small contribution into a company pension, but otherwise I'm concentrating on clearing my debts before I do anything else.

I'm wondering should I close the personal pension with Virgin and transfer it to my company pension? I admit, I don't know what the benefit of this is? Or leave it alone? I know it's a piddling amount of money, but even so, I want it in the best place.

Thanks for any advice.

Jenny2008

Sorry, I've just realised from reading another post that this question is a bit like asking how long is a piece of string.

I need to do some research into both pensions I guess before I can get this answered.

Please excuse the class idiot; I'm on a long road from financial stupidity to MSE.

dunstonh

Please excuse the class idiot; I'm on a long road from financial stupidity to MSE.

The fact you are asking the questions clearly indicates you have the common sense to keep your retirement planning under review. Not knowing the subject doesnt make you the class idiot. Knowing everything about pensions is damned difficult. You will not find anyone that does. Knowing that you have to review them is the important bit.

For reference, the Virgin stakeholder is basic rubbish. There are worse plans out there but as stakeholders go, it is one of the worst you can get. If the company pension is final salary or is money purchase and has charges less than 1% p.a. and a better fund range then the odds are that its worth moving it over. Cant guarantee that information is correct without the facts of your scheme but thats where the best guess is at this stage.

Jenny2008

dunstonh wrote: »

The fact you are asking the questions clearly indicates you have the common sense to keep your retirement planning under review. Not knowing the subject doesnt make you the class idiot. Knowing everything about pensions is damned difficult. You will not find anyone that does. Knowing that you have to review them is the important bit.

For reference, the Virgin stakeholder is basic rubbish. There are worse plans out there but as stakeholders go, it is one of the worst you can get. If the company pension is final salary or is money purchase and has charges less than 1% p.a. and a better fund range then the odds are that its worth moving it over. Cant guarantee that information is correct without the facts of your scheme but thats where the best guess is at this stage.

It's good to know that about Virgin. Yes, the company pension is final salary - thank you for the advice, despite my lack of information . I'll get some work done and transfer my little fund over. I have a book from the library, Understanding Pensions, which should help some.

oldandgrumpy

My wife worked for the Civil Service for some years around the time of Woodstock. Is there somewhere she can check to see if she has any pension entitlement from that era...other than a love of the Beatles!

dunstonh

oldandgrumpy wrote: »

My wife worked for the Civil Service for some years around the time of Woodstock. Is there somewhere she can check to see if she has any pension entitlement from that era...other than a love of the Beatles!

Contact the HR dept and give her national insurance number and if she can remember it, her payroll number. Also helps to give previous addresses as well as your current.

oldandgrumpy

thanks, dunstonh, sent them an e-mail.

monkeyspanner

oldandgrumpy wrote: »

My wife worked for the Civil Service for some years around the time of Woodstock. Is there somewhere she can check to see if she has any pension entitlement from that era...other than a love of the Beatles!

If that doesn't work you could try this
http://www.thepensionservice.gov.uk/atoz/atozdetailed/pensiontracing.asp