both protected rights benefits and non protected benefits

building

in a pension i have with scottish life (originally talisman). what does this mean?
i am now looking into sorting out my pension situation but would ideally like to invest myself particularly after reading a book by the motley fool which i have found to be excellent and would recommend to anyone.

paperwork dating back to 2000 say i can also write down my beneficiary in the event i die before i get my pension. does anyone know what sort of my pension this means i have?
thanks in advance. I will probably have more questions shortly!

dunstonh

..in a pension i have with scottish life (originally talisman). what does this mean?

protected rights is from contracting out. ordinary rights are from you personal or employer contributions.

paperwork dating back to 2000 say i can also write down my beneficiary in the event i die before i get my pension. does anyone know what sort of my pension this means i have?

Nomination of beneficiary exists with every pension scheme. Talisman was the sub brand used for legacy Scottish Life pension business (i.e. not their current pension range). They offered an EPP, GPP, FSAVC, PPP, TIP, SIPP, SASS, S32 and retirement options within that sub-brand. - not much help really as that is most of the non occupational schemes there are.

The current Scot Life range is very good. The old range was comprehensive but probably not as good in most areas as the current range. It did have a few benefits though which are worth keeping if they apply to you.

EdInvestor

Hi building

What funds is your pension money invested in?

Should say on your annual statement.

building

thanks for your help in advance. I have looked on my paperwork and it says fund statement : unit linked account :
then
managed fund: units allocated as at 1August 2004 : 53.674
842.245 (P)

and then next page says
fund statement with profits account:
benefits allocated as at 1 august 2004 £24.63
31/12/04 bonus addition 0.06
total as at 1 august 2005 0.04

Value of account at 1 august 2005 £14.41

then it gives value for the whole plan which i imagine is for the 2 page statement. it is a talisman personal pension plan. then it gives 2 pages on the fund report which talks about the US market and Asia and the UK . so I am not sure if they invest in all of these markets. should i have more info? thanks in advance for any help.

EdInvestor wrote:

Hi building

What funds is your pension money invested in?

Should say on your annual statement.

EdInvestor

Hi building

Those figures are a bit confusing

May I suggest you ring them ask for a "transfer value". This amount will be what the pension is worth if you want to move it to another pension company.

How long did you pay into this pension, can you remember?

dunstonh

One other thing to note is that from A day, Scot Life have said all their pension products, except stakeholder pensions, are interchangeable with each other with no penalty. This is a stance being taken by a number of providers.

Switching in house avoids fees and can put you in a better product sometimes.