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Incredibly ignorant about UK pensions
Marine_life
Posts: 1,059 Forumite
ok, so please be gentle.
We left the UK some years ago. When we were in the UK we we always employed (for about 14 years before we left the UK). When the opportunity to contact out of serps arose (I think in the late 80's) we both contracted out. Our current funds statements from standard life show a total fund of around 35,000 each with a projected benefit (todays money) or around 2,000 for me and 1,500 for my wife. This is not our sole pensions entitlement!
My questions are:
1. Is that the full extent of our entitlement to UK pensions?
2. Should we think about doing anything withn them (e.g. transferring to another scheme)?
3. What would happen if we returned to the UK? Assuming we were not working when we returned could we (voluntarily) make contributions to increase our entitlement - would that be a good thing to do?
Sorry if there are some duh points here.
Appreciate any advice anyone can offer
We left the UK some years ago. When we were in the UK we we always employed (for about 14 years before we left the UK). When the opportunity to contact out of serps arose (I think in the late 80's) we both contracted out. Our current funds statements from standard life show a total fund of around 35,000 each with a projected benefit (todays money) or around 2,000 for me and 1,500 for my wife. This is not our sole pensions entitlement!
My questions are:
1. Is that the full extent of our entitlement to UK pensions?
2. Should we think about doing anything withn them (e.g. transferring to another scheme)?
3. What would happen if we returned to the UK? Assuming we were not working when we returned could we (voluntarily) make contributions to increase our entitlement - would that be a good thing to do?
Sorry if there are some duh points here.
Appreciate any advice anyone can offer
Money won't buy you happiness....but I have never been in a situation where more money made things worse!
0
Comments
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You would have some entitlement to a state pension too. For the 14 years plus any other years you worked, or were in college, or had young children. So ask for a state pension forcast for both of you. there is a possibility you could buy extra years (you will need 30 for a full pension). If you returned and worked you would add more entitlement.
Check their performance, charges, allocation fo funds/options for re allocation. It soulc be worth transferring or not.0
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