Cash in a Pension ??

kaiserfan

I currently work for the DWP on a Fixed Term Appointment of 18 months which is due to end next month. I have been paying into Standard Life's Public Sector Pension Scheme into which the DWP have been contributing aswel each month. What i would like to know is do i cash in this pension or put it on hold/freeze. I take it they will not issue the money they have paid into this scheme. Sorry if i seem naive but i really dont have a clue when it comes to pensions and the likes. Any help would be greatly appreciated. Thank you

Loughton_Monkey

DWP. Department of Work and .... what? Sorry. I've forgotten. Can you enlighten me?

kaiserfan

I dont actually work for the Pension Department, i work in the Job Centre, hence me not knowing anything about Pensions !

jamesd

Ask your scheme adminstrators. The standard answers would allow you to leave the money where it is or move it to a personal pension.

Andy_L

kaiserfan wrote: »

II have been paying into Standard Life's Public Sector Pension Scheme into which the DWP have been contributing aswel each month.

That is the money purchase pension scheme so the cash is "stuck" inside the pension wrapper You cannot cash it in and get the money out.
You can either leave it with standard life where it will continue to accrue investment returns or transfer it to a different private pension (where it will continue to accrue investment returns).
Whether moving it is a good idea depends on the relative charges & investment options of the Standard Life scheme compared to who you move it to.