Frozen Pensions

van22663

I wonder if anyone can offer any advice please. I have 2 frozen pensions, one with Standard Life and one with the Royal London which was originally United Friendly. They have been frozen for many years, since before I left work to have my children. I get the statement every year, one says pension fund of about £700 and the other , which I paid into for quite a while says about £16,000 fund. Should I be doing anything with these pensions, they say I cannot claim anything till I am about 60. Is that right and will I be able to get a lump sum before that ?
Sorry, so many questions but I have no idea about pensions at all, any advice would be gratefully received.

Merry Christmas & A Happy New Year.

dunstonh

I have 2 frozen pensions, one with Standard Life and one with the Royal London which was originally United Friendly.

Do you mean frozen or paid up? I would think you mean paid up as your comments suggest they are probably money purchase schemes and not final salary schemes (not unless you worked for Std Life or united friendly). A money purchase scheme does not have the term "frozen".

Should I be doing anything with these pensions

Yes. You should review the investments to make sure they are still appropriate for you and if any better alternative has come along which can offer you better terms.

they say I cannot claim anything till I am about 60. Is that right and will I be able to get a lump sum before that ?

You cannot exercise triviality until age 60. You can commence benefits from 55 but most would take benefits in their 60s when they retire.

A pension is used to provide you an income in retirement. What else do you need to know?

van22663

Many thanks for your reply. It is a pension that i have stopped paying into, I do not believe it is a paid up scheme.

Pobby

My wife and I have , I think, 3 pensions that are private that we have not paid into for a long while. the term then was " paid up ". I understand that the term is used if you do not wish to carry on paying into them.

van22663

Thanks for that, must be paid up money scheme then. Anyone got any ideas what I need to do with them or if I can get any lump sums of money at any stage ?
many thanks

dunstonh

Anyone got any ideas what I need to do with them

how old are you?

Pensions, as the name suggests, are for retirement. Are you retiring?

if I can get any lump sums of money at any stage ?

Yes. When you come up to your retirement years.

System

i also have a frozen pension after the new year im going to see if i can transfer it into the company scheme im with now.

dunstonh

CHRISSYG wrote: »

i also have a frozen pension after the new year im going to see if i can transfer it into the company scheme im with now.

As you have a frozen pension, this would indicate its a defined benefit scheme. You should be wary about transferring those as the retained benefits and costs of transfer may mean the benefits in the new scheme are not as good as those in the old scheme.

Transferring may be the right option but it could also be the wrong one.