Pension Fund advice needed for novice.

cbr_2

I am 24 and was made redundant a while ago after 6 months with a company, I've been given the option of transferring the small amount (£1000) in my pension fund to another employer (which I don't have yet) or into my own pension fund (which I also don't have). I have very little knowledge of pension funds and don't really want to spend money on a Financial Advisor considering the small amount involved. How easy would it be for me to set up a private pension ? Since I don't currently have a job, would I have to put monthly contributions into the pension fund before I get another job or can I just transfer the £1K in for now ?

I need to get this sorted quickly or I will lose it apparently.

Any help appreciated.

bargainhunter90

I don't think they can touch your pension contributions even if you have left the company. Someone that knows will say more.

I've set up my own pension through standard life through the post office, but theres lots of options out there if you want to start a new pension scheme.

You can have quite a few pension schemes if you have worked for several companies.

cbr_2

The company I worked for had a non-contributory pension scheme so all the money was contributed by them. I had a letter saying that if I didn't move it to another fund then all of the money would be returned back to my ex-employer.

This is all new to me as I only recently left university and started working so have no experience in pension plans.

Any help would be much appreciated.