Old lapsed pensions

Kamikaze_Bob

I should have done this years ago, but like a lot of things, I was lazy about it and kept letting it go.

I have 2 pension pots from previous jobs, nothing huge, a few grand between them. I haven't paid into them in years, as I left those jobs long ago. I still get an annual statement (sent to my dad's address, one thing I need to change) saying I'll get an annual pension of buttons. I am currently in a works pension that my employer contributes to, which I hope I'll be able to stay in as I like this job and hopefully not have to leave (previous jobs I have left as they were crap or threatened with redundancy and I moved on as I had debts to pay off).

But these 2 pots I want to do something with. I think I may be able to transfer them into one, and want to start paying a little more into them. Not talking much, £10 or £20 a month is all I can afford really. I was just looking for some advice on what kind of thing I can go for that will hopefully bring me a nice wee bit extra when I get to retirement.

I usually get the annual statements just after the end of the tax year, so wanted to get a start on looking before then, as I don't have any other details on them.

Any help is much appreciated.

Loughton_Monkey

Kamikaze_Bob wrote: »

I should have done this years ago, but like a lot of things, I was lazy about it and kept letting it go.

I have 2 pension pots from previous jobs, nothing huge, a few grand between them. I haven't paid into them in years, as I left those jobs long ago. I still get an annual statement (sent to my dad's address, one thing I need to change) saying I'll get an annual pension of buttons.

So you paid in buttons.

Kamikaze_Bob wrote: »

I am currently in a works pension that my employer contributes to, which I hope I'll be able to stay in as I like this job and hopefully not have to leave (previous jobs I have left as they were crap or threatened with redundancy and I moved on as I had debts to pay off).

So how good is this pension, then?

Kamikaze_Bob wrote: »

But these 2 pots I want to do something with. I think I may be able to transfer them into one, and want to start paying a little more into them. Not talking much, £10 or £20 a month is all I can afford really. I was just looking for some advice on what kind of thing I can go for that will hopefully bring me a nice wee bit extra when I get to retirement.

Extra to what? You want to transfer 'them' into one but still contribute to 'them'? Er... you would only have one into which to contribute.

But why specifically do you want to contribute to 'old' pensions transferred into one? Are they better than your current one, or would the one you combine them into be better than your current one?

Kamikaze_Bob wrote: »

I usually get the annual statements just after the end of the tax year, so wanted to get a start on looking before then, as I don't have any other details on them.

Any help is much appreciated.

Not trying to be funny, but help with what? You haven't really suggested what you are trying to achieve, here. For some reason, you seem to want to be a little bit tidier and have 2 pensions instead of three. OK. Then you suggest paying a bit more into the old ones. Well OK. By all means pay more into pensions. But have a look and see which one offers the best prospect for growth and/or lowest charges and/or the best choice of funds.

Can you be specific as to what is your query?

Kamikaze_Bob

Wow, that helped loads....:think:

I maybe should have been clearer. I have heard you can request the funds transferred to another fund, but I'm unsure exactly what's the best option for a personal pension, and was hoping for a little advice. I have no clue at all about this kind of thing.

There isn't a lot in the pensions because the first I stopped paying into the first as the wage was low enough already, the second one I left the job and didn't do anything about it.

As for the current pension, the job I'm in might not be as stable as I thought. I do the books, and today the buzz around the office was a panicky one, so may have to look at consolidating all three funds unless things change.

P.S. I'm only 31, I don't suppose there's a way just to get the funds in cash at all so I can put it in savings instead?

jem16

Kamikaze_Bob wrote: »

Wow, that helped loads....:think:

I maybe should have been clearer. I have heard you can request the funds transferred to another fund, but I'm unsure exactly what's the best option for a personal pension, and was hoping for a little advice. I have no clue at all about this kind of thing.

You can transfer providers and you can switch funds. Whether this is a good idea depends on the schemes they are currently in and the schemes you want to change to.

What kind of pension is your current employer's scheme - money purchase or final salary? Will they accept a transfer in from the old schemes (assuming it's in your best interests to do so)?

As for the current pension, the job I'm in might not be as stable as I thought. I do the books, and today the buzz around the office was a panicky one, so may have to look at consolidating all three funds unless things change.

Do you mean transfer out of your employer's scheme? Would your employer still contribute if you did so - probably unlikely.

P.S. I'm only 31, I don't suppose there's a way just to get the funds in cash at all so I can put it in savings instead?

No there isn't. Once it's in, it's locked in till age 55 at the moment.

Kamikaze_Bob

For all the money that's in them, that's why I want to sort something out.

The company's a plumbing company, and the pension scheme is run separately, stakeholder/money purchase I think, which the company uses. It's an industry thing. I will look towards transferring them into the company one just now then, but if this job goes south I'll have to do the whole thing all over again.