Pension transfer or not

scoops83

I am 56 and have a pension from a previous company to which I cannot contribute. There are two funds 1. c.£50,000 2. c£20,000 (serps opt out). The pension is set to retirement at 60. From the documentation it looks like I would only lose a few hundred pounds if I transferred to another fund.
Assuming I want to retire at 65, should I change to a new fund to which I can contribute (assuming this is allowed), extend the existing fund to 65 and invest any other monies in ISA's etc. or ...
Any help for a pension virgin would be much appreciated.

Cheers

edinburgher

Are you still working? Do you have an employer's pension that you could transfer the older pensions into? If so, might be worth requesting a transfer valuation from your current scheme administrators.

Are you generally happy with the performance of your pensions to date? Are the fees reasonable? Even though you cannot make contributions into the existing pensions, you may be able to change where your funds are invested etc. and this might be worth looking into.

There are also other options (transfer into a SIPP etc.) that might be possible, but they would require a lot more research from yourself and might not prove to be beneficial if you're not comfortable making your own investment choices.

dunstonh

Assuming I want to retire at 65, should I change to a new fund to which I can contribute (assuming this is allowed), extend the existing fund to 65 and invest any other monies in ISA's etc. or ...
Any help for a pension virgin would be much appreciated.

All those options are potentially viable. However, it is impossible to say which is best without knowing your personal details and objectives, pension details and terms and doing a cost/benefit analysis to see if alternatives are better than what you have.

I know that isn't very helpful but its not something that can be answered without facts as its very specific to you and what you have.

Sixtiesman

Could anybody give an urgent reply to the folowing:-

I had a Contracted out Pension with a Company Scheme which had signed up to the 8.5% (compound) Fixed revaluation choice.
When that scheme went into wind up I had to transfer my GMP pension to a new Pension Scheme..

The question I have is should the Fixed revaluation method of 8.5% have changed to the revaluation method signed up to by the new scheme or should they have had to stick to the original Fixed 8.5% revaluation.

The new Pension Scheme had signed up to revaluation by Section 148 Orders.

If the Revaluation rate had to change to the new Pension Scheme's method of re-valuation by Section 148 Orders should that change only have taken place from the time of Pension Transfer i.e up to the time of Pension Transfer my GMP pension should still have ben revalued at 8.5% p.a. compound Fixed and then from the date of the Pension Transfer by the new Pension Scheme's agreed re-valuation method of Section 148 Orders?

Hope you can help.

atush

It is alwyas best to start a new thread if you have a new/different query.