Pension options

Peelerfart

My wife has just had her pension statement from Standard life. She started this pension many years ago before she joined her occupational scheme and hasn't paid into it for years and has no intention of doing so.

Does she have any options,as this pension is effectively redundant. The statement value is nearly £7,000 and we would like to do something with it.

Any thoughts anyone ?

dunstonh

Does she have any options,as this pension is effectively redundant

It is not redundant. It is effectively a single premium investment (a lump sum in investment). You should treat it as an investment.

Peelerfart

dunstonh wrote: »

It is not redundant. It is effectively a single premium investment (a lump sum in investment). You should treat it as an investment.

Thanks for your reply dunstonh

So other than add to it or ignore it is there anything else I can do with it ?.

Could we sell it ,or alternatively, my wife is on a DB scheme but I have a DC pension through my work ,could she "gift" it to me to boost my fund ?.

If, of course I spoke very nicely to her

Dorset_Dad

You can't gift pension funds to anybody.
Your wife could use the fund to buy added years in her DB scheme, some schemes allow this, she would need to speak to the scheme adminstrators to find out if this is an option.
Failing that it is worth checking the charges of the pension plan to see if they are higher than other plans which she could transfer to. Also your wife may view investment risk differently now to when she took the pension out and so should consider whether the fund choice is still appropriate. Then she will need to check available funds and make a decision from there.