I know nothing about Pensions and im needing advice!

FoolsGold_3

Hello all, im looking for some advice.

When I left School many moons ago and got my first job on terrible wages I started a Pension. Years later I moved to a bigger company with a far better Pension.

Just sorting out my paperwork tonight and I found the latest documentation on my 1st Pension - and im wondering if there is something more profitable I could be doing with the money.

It reads:

Transfer value: £4792.80
Possible Fund at retirement: £6640
Yearly Pension: £218

Now im not sure if you can take a Pension out and use it for something else which is one reason why im posting - the Pension really doesnt look like waiting 34 years for IMO. Any advice would be grately recieved!

Thanks
Carl

dunstonh

the Pension really doesnt look like waiting 34 years for IMO. Any advice would be grately recieved!

The projection is an example only at an example rate and using and example rate of inflation (I am assuming SMPI basis projection as that appears to be the case). That future value takes into account inflation and spending power if it was today.

You cannot take the pension out but like any investment, you should review it periodically to ensure where it is invested still meets your requirements.