Transferring PPP Into Company Plan

fivetencke

Under new legislation brought in on December 1st 2006, the rule excluding me from joining my company scheme because I had previously joined a PPP has been dropped. I therefore propose joining the company plan and transferring the value of my PPP to the company plan to buy years of pension service.

My question is: in order to increase the number of years could I make a quick lump sum payment into my PPP to boost its value?

thanks in anticipation

dunstonh

Under new legislation brought in on December 1st 2006, the rule excluding me from joining my company scheme because I had previously joined a PPP has been dropped.

April 2006 was the date that abolished concurrency rules but April 2001 abolished dual status unless earning over 30k. These were also only based on contributions in the year in question. Not whether you had a personal pension or not.

You should have ceased personal contributions a long time ago and joined the scheme. Indeed, if this was an advised sale, you could have grounds for financial redress and should consider making a complaint.

My question is: in order to increase the number of years could I make a quick lump sum payment into my PPP to boost its value?

Personal pensions are not based on years of service. You would need to ask the ocupational scheme what extra time they will give you if you were to pay into the scheme for added years.

fivetencke

I'm getting a quotation on how many years the transfer value will buy in the company plan. My question is: could I up this value with a quick lump sum contribution to my PPP before transfer? Hopw this clarifies. Thanks.

EdInvestor

The point would seem to be that the money might be better used buying extra years in the company occupational scheme direct, rather than via the PP.