Pension Advice

farquarpigmix

Left a job in 2004 (Royal Mail ) after 18yrs service. Through voluntary redundancy. Pension contributions are still there getting a bit of interest a year.

Had a few people tell me to move it because I would be better off etc? I have been worried about press statements that say pension black hole because the government dipped in to it.

I would like to hear your comments and advice on this matter. When it comes to pensions I am totally lost.

Regards

Farquar

exil

Do you mean the Post Office pension fund has a black hole, or is this the general problems with final salary schemes?

Ask the fund for a transfer estimate. That is, how much they will give you as a transfer value into a new scheme (employers or private).

You will then have to take a view as to whether it's better for this money
to be in your new scheme or staying put where it is. Not an easy decision - I'm
having to make the same decision myself!

Goes without saying - seek advice from an IFA - although they can't make the decision for you.

dunstonh

Had a few people tell me to move it because I would be better off etc?

If its the post office final salary scheme then they are talking rubbish.

I have been worried about press statements that say pension black hole because the government dipped in to it.

Govt has dipped into everything and it has had an impact but don't let it worry you. Things are returning to some normality slowly.