At a loss - expert advice needed

katsplat1

I currently have a good pension set up as I work for the NHS.

But my problem is a pension I paid into years ago. I worked for a company for 2 1/2 years and paid into their pension scheme. It was run by an independant broker who sends me paperwork every year but I have never had contact with them. The actual money is with Scottish Equitable and is only about £2000 but what do I do with this? Do I leave it there until I retire or do I transfer it into my current one (can this be done?) or do I do something else with it? Can I withdraw it all together and put it into an isa?

Really do not have a clue as I don't really understand/know about pensions.

Thanks

Kat
xxx

dunstonh

Do I leave it there until I retire

thats one option.

or do I transfer it into my current one (can this be done?)

Thats another option.

Can I withdraw it all together and put it into an isa?

No. There would be little point either as pensions and ISAs can have exactly the same investment funds.

Which option is best would depend on what the NHS scheme would offer you for the transfer value and how that compares with the realistic projections from the personal pension. For larger pensions there would be other considerations (such as phased retirement, income drawdown or just a simple staggering of retirement dates to allow a reduction in working hours) but with £2k you arent really going to be worried about that.

So, once you know what the NHS would offer you on the transfer value and once you know what the realistic projections are on the personal pension, you would have a better idea which is best.

katsplat1

So do I approah the NHS pensions department or do I contact Scottish Equitable? Like I said, I am really thick when it comes to pensions!!

I just know what I pay in and what I expect to get when I am old!!

dunstonh

You approach both. You ask Scot Eq for the transfer values and projections. When you have those, you ask the NHS what they will give you in return for transferring that amount in.