Old Pension Doing Nothing

CD_Man

Hi there - I setup a pension within my old job which I was made redundant from 2 years ago - since then nothing has been paid into my pension & my current employer runs there own scheme.

Is there anyway of me obtaining the money thats sitting in my old pension or will i really have to wait until Im 65 for it where it will be worh next to nothing. At the moment theres not a huge amount in there, around £4k but Im buying my 1st property and could really do with any extra cash.

Thanks

skintchick

This would be better on the pensions board - ask a mod to move it.

But, it costs to move pensions around, so it may not be worth your while.

I have three and am leaving them as they are. My dad had loads and only consolidated them just before he retired.

So don;t worry about leaving it as it is, but do ask on the pensions board as I don;thave any proper knowledge of these things!

climbgirl

I'm not an expert on pensions by any stretch, so I'm not sure if you can close the pension and get the money as cash.

But you will probably be able to transfer it into your new works' scheme(depending on the terms of both your old and current work pension schemes). I've been asking about the possibility of transferring from our work scheme to one in NZ (that's where I'm from and I want the flexibility in case I ever go back!), and it's quite easy as long as it's a like-for-like scheme.

So that might be an option...

Kevicho

Have you got in touch with the company or the pensions provider to ask for this money?

When i left a job a few years ago they just gave me the money from it (was 5 years ago this)

You may be taxed on this, im not sure but best to get in touch with the above