To transfer or not transfer

new_to_the_game

Hi everybody, I could do with a bit of advice here please.
I am currently in my companies Stake holder pension (via salary sacrifice) and have 2 other older non personal contributing type of pensions, one was with a company which went into receivership and one which has been using my NI contributions (SERPs) which I started in 1989 and has been running ever since.
I know the value of the 2nd pension pot and the transfer value as this has had regular contributions totalling about £20k:D and has almost doubled over the years to £43k+:eek:. This was obviously a big suprise to me as I did'nt think there was that much being contributed each year to it. I did ask them for a cheque but they sort of laughed a bit lol.:rotfl:
Now the reason I need advice is simple, should I leave them where they are, as in the 2nd pension I beleive the government plan to stop the opt out and return these payments to the State 2nd pension scheme understandably, or do I transfer them to my current provider? and if so would it be beneficial for me as I would see this as a single pension payout when the time arrives rather than several smaller payouts elsewhere.:undecided

Any advice would be more than welcome, (especially if I can get the bigger value paid to me now as that would clear a large chunk of my debts off lol:D).

Best regards
chris

dunstonh

as in the 2nd pension I beleive the government plan to stop the opt out and return these payments to the State 2nd pension scheme understandably

That is not quite correct. Contracting out using personal pensions is to cease but the fund built up from contracting out will not be returned. It will remain in your pension and at this moment in time, it will cease to be classed as protected rights and become non protected rights.

Any advice would be more than welcome

Cant say. we know nothing about the pensions you have. Without an analysis of charges, investments, guarantees and any other potential benefits, we cant say what option is best. Many older pensions are more expensive than modern ones but not all. Plus, stakeholders are no longer the cheapest option for most people either.

especially if I can get the bigger value paid to me now as that would clear a large chunk of my debts off

Its called a pension for a reason and that means no earlier access allowed.. Sorry.

jamesd

New to the game, are you 55 years old yet? If yes it's possible to get some of the money, if not, you'll need to wait until you're 55.

If you write more about your debts it's also possible that people will have useful suggestions for dealing with them.

new_to_the_game

hi chaps,
Thankyou Dunstonh, the latter of the request was a bit of jest, I know I can't have any of the money yet , it was meant as a bit of banter, sorry for that.
I am dealing with my debts very well and hope to be debt free within 4 years BUT mortgage free in 10 years or sooner if I stay with my programme.
Anyway I really only wanted to know is would it be better keeping the larger one in the pension it is in and transfer the smaller amount across as it is only valued at £1900.00 transfer value and atleast it will be earning a better rate where I am paying into at the moment.
There is only a small transfer fee of £50 ish for the smaller amount and only a matter of of thedifference between what the providor has stated at the date and the difference between whether the value goes up or down in the time I take to make a decision and the transfer date! so I don't think i will lose that much and may even gain a little.
So the thing is do I transfer or not?
Dunstonh if you need more details as to what i have then I will contact you via email if that is easier as to be honest I couldnt tell you what scheme or type of payments and the technical side of it because I do not have a clue and would probably need guidance in the matter.
So over to you please.

Smile please

regards
chris