We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

need advice on pension transfer

pagangirl
pagangirl Posts: 391 Forumite
in Pensions, annuities & retirement planning
Help ! Have just discovered I have pension from an old firm who has been taken over a number of times since I left.. I am now 57. The current provider has written to ask me if I want to transfer the total to a new pension company of my choosing, OR they will be transferring all to a company called MetLife Assurance Limited (an American company). I need to let them know by 15th April 2011.

I have no idea what to do as I have never heard of this company, also i have no idea how to go about finding a new company - who to ask/who would be a good company etc. :eek::eek::eek:

Any advice gratefully received.
When you get to the end of your rope, tie a knot and hang on :eek:

Comments

  • dunstonh
    dunstonh Posts: 120,323 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    OR they will be transferring all to a company called MetLife Assurance Limited (an American company).

    The parent company is but the one you mention is British.
    I have no idea what to do as I have never heard of this company, also i have no idea how to go about finding a new company - who to ask/who would be a good company etc.

    An IFA.
    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.
  • pagangirl
    pagangirl Posts: 391 Forumite
    Any idea how much an IFA would charge as I am on basic unemployment atm as job finished.
    When you get to the end of your rope, tie a knot and hang on :eek:

  • dunstonh
    dunstonh Posts: 120,323 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    pagangirl wrote: »
    Any idea how much an IFA would charge as I am on basic unemployment atm as job finished.

    Impossible to say as the cost will vary on location, type of IFA and the firm you use and their individual business model. Much as it does for most business areas.

    You could let it go to Met Life.
    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.
  • pagangirl
    pagangirl Posts: 391 Forumite
    Just wondering if I would be able to draw on it now as one clause says "in certain circumstances you may receive your pension from any age from the age of 55, but your pension may be reduced for early payment" The big question is - how much it would be reduced by???
    When you get to the end of your rope, tie a knot and hang on :eek:

  • jem16
    jem16 Posts: 19,751 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    pagangirl wrote: »
    "in certain circumstances you may receive your pension from any age from the age of 55, but your pension may be reduced for early payment" The big question is - how much it would be reduced by???

    Is it a final salary pension - your mention of reduction for taking it early makes it sound so.

    5%pa is the usual reduction for final salary pensions taken early.
  • pagangirl
    pagangirl Posts: 391 Forumite
    Got no idea - need to rag out all paperwork. Left the company in 1987 !!!
    When you get to the end of your rope, tie a knot and hang on :eek:

  • Loughton_Monkey
    Loughton_Monkey Posts: 8,913 Forumite
    Part of the Furniture Combo Breaker Hung up my suit!
    It is essential you find out if it's Final Salary.

    If it is simply a money purchase, then maybe you should just let them move it. It seems that you have just let it go for the last 24 years, without looking to see what funds you are invested in. A few more years will probably make no difference.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 352.3K Banking & Borrowing
  • 253.7K Reduce Debt & Boost Income
  • 454.3K Spending & Discounts
  • 245.3K Work, Benefits & Business
  • 601.1K Mortgages, Homes & Bills
  • 177.6K Life & Family
  • 259.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture