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Pension Help!
Crustybakes
Posts: 1 Newbie
Hi everyone, I'm new here so be gentle!
I have a couple of questions about my wife's current pension situation that I would appreciate some guidance on. If possible.
My wife is 38yrs old and has recently (last month) changed jobs and reduced her working hours to part time (due to childcare/school pickup etc). Her previous employers didn't have a company pension scheme so when she started with them some 10 yrs ago I managed to persuade her that she ought to start some sort of private pension herself. She did this and took out a plan with Royal London via Abbey National. The current value of that plan is £17,500. She was paying about £150 per month into that but has had to suspend payments completely as her salary now is much reduced. Her current employer (a high street retailer) does have a scheme and she has joined it last month. She pays 5% of her salary and her employer matches that with another 5%.
Back in 1991 she took out another personal pension with Friends Provident. Its a with profits fund but the only payments going into that plan are the DSS payments from the state second pension which she obviously contracted out of many years ago. Basically she forgot all about it! Its current value is only about £10k.
So here's the questions...
Should she transfer both private pensions into the company scheme she is now with? (seems sensible to me, but I have no real experience of all this!)
Transfer one of them?
Leave them as they are?
Any other advice would be greatly appreciated!
I have a couple of questions about my wife's current pension situation that I would appreciate some guidance on. If possible.
My wife is 38yrs old and has recently (last month) changed jobs and reduced her working hours to part time (due to childcare/school pickup etc). Her previous employers didn't have a company pension scheme so when she started with them some 10 yrs ago I managed to persuade her that she ought to start some sort of private pension herself. She did this and took out a plan with Royal London via Abbey National. The current value of that plan is £17,500. She was paying about £150 per month into that but has had to suspend payments completely as her salary now is much reduced. Her current employer (a high street retailer) does have a scheme and she has joined it last month. She pays 5% of her salary and her employer matches that with another 5%.
Back in 1991 she took out another personal pension with Friends Provident. Its a with profits fund but the only payments going into that plan are the DSS payments from the state second pension which she obviously contracted out of many years ago. Basically she forgot all about it! Its current value is only about £10k.
So here's the questions...
Should she transfer both private pensions into the company scheme she is now with? (seems sensible to me, but I have no real experience of all this!)
Transfer one of them?
Leave them as they are?
Any other advice would be greatly appreciated!
0
Comments
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Should she transfer both private pensions into the company scheme she is now with? (seems sensible to me, but I have no real experience of all this!)
Are both the old pensions better or worse than the proposed scheme? Will the proposed scheme take protected rights pension funds?Transfer one of them?
same as above. Are either of them better?Leave them as they are?
same answer.
Without a transfer analysis being done to compare costs, options, guarantees, investments etc, there is no way to tell which option is best I'm afraid.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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