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Need advice on pension transfers
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isolde_2
Posts: 6 Forumite
I've just moved job and have just less than 2 years contributions into my occupational scheme – circa £8k
The current scheme won’t freeze it, I have to wait 2 years before I can txf existing conts into my new employers scheme.
I don’t want to get hit by 20% tax plus the loss of my old employers conts – if I accept a refund.
After reading pensions advisory service info I was thinking it would be best to open a SIPP or basic personal pension and park it there for the 2 years – does this sound right?
My current employer is a bank and the pension is incredibly good – so I will want to txf it in when that becomes an option.
Any useful tips on good products for this purpose welcome
TIA
The current scheme won’t freeze it, I have to wait 2 years before I can txf existing conts into my new employers scheme.
I don’t want to get hit by 20% tax plus the loss of my old employers conts – if I accept a refund.
After reading pensions advisory service info I was thinking it would be best to open a SIPP or basic personal pension and park it there for the 2 years – does this sound right?
My current employer is a bank and the pension is incredibly good – so I will want to txf it in when that becomes an option.
Any useful tips on good products for this purpose welcome
TIA
0
Comments
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Bump, I need some help pleeeeease0
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After reading pensions advisory service info I was thinking it would be best to open a SIPP or basic personal pension and park it there for the 2 years – does this sound right?
Yes. Sounds right.,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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