Clerical Medical Pension

dave555

Hi all

Im completely wooden when it comes to pensions, but after jiggling my ISA's and savings rates to the better, courtesy of this fantastic forum i thought it time to look at my pension years.

I have a non cont PPA account with Clerical. Im asking is it any good, average or just get rid.

Statement value as follows 10/10/08

protected rights £5288.38
non-protected £14126.91

based upon with pofits (SING CONTS) 4714.739 units at bid price £4.118

Death benifit £19415.

Todays unit value after searching their website £4.193, not really flying but moving in the right direction.

What does the protected and non-protected rights mean, and what would a tranfers value ammount to. ?

This came about after i left a firm and put the pension contributions from there into this with no contributions since then. I forget the inital investment at hand but its been there for about 17 years. Iam in a friends prov with profits with present firm. So should i leave the egg in the basket or move, totally unsure ?

Dave

Paul_Herring

What does the protected and non-protected rights mean

Looks like you've opted out of S2P (either previously or currently,) and have had NI rebates paid into your pension.

These must be used to fund a pension for your spouse, if any.

To distinguish these from ordinary contributions, they're called 'protected rights.' Normal contributions are the non-protected rights.

There was talk of removing the distinction completely, but dunno what happened to it.

and what would a tranfers value ammount to. ?

bid price * number of units, typically, though I've no doubt DH will be along shortly to correct me...

EdInvestor

dave555 wrote: »

I have a non cont PPA account with Clerical....
based upon with pofits

... I am in a friends prov with profits with present firm.

With-profit pensions are effectively obsolete these days, but before moving them you need to check

a)do they have valuable guaranteed annuity rates attached
b)would you pay a MVA penalty to leave.

With the FP pension it might be better to stop paying new money into the WP fund, but instead switch the contributions into a better quality fund. Ask FP for a "switch form and a list of available funds. But you also need to check the 2 points above with the FP pension as well.