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Pension transfer and new pension plans.
littlegrebe
Posts: 11 Forumite
I posted in December asking for help with pensions as my husband was to be made redundant and received some good advice. Fortunately he has been retained as the company was sold but it made us aware that we should look at our pension situation.
1) His existing pension scheme (Money purchase type) is to be closed and transferred to a Scottish Widows buyout plan (Balanced Pension Investment - but we could put it in different funds). Alternatively it can be transferred to a Personal Pension, Stakeholder Plan or an alternative Buyout Plan. The pension is valued at £228k and he is 59 but hopes to work for as long as possible.
2) He will also start a pension for me (in a Stakeholder Scheme I think). This will mean paying less in to his current (small) pension which he does under a Salary Sacrifice Scheme. He is a higher rate tax payer.
Is there anything we need to be aware of, or should consider with respect to these 2 points?
1) His existing pension scheme (Money purchase type) is to be closed and transferred to a Scottish Widows buyout plan (Balanced Pension Investment - but we could put it in different funds). Alternatively it can be transferred to a Personal Pension, Stakeholder Plan or an alternative Buyout Plan. The pension is valued at £228k and he is 59 but hopes to work for as long as possible.
2) He will also start a pension for me (in a Stakeholder Scheme I think). This will mean paying less in to his current (small) pension which he does under a Salary Sacrifice Scheme. He is a higher rate tax payer.
Is there anything we need to be aware of, or should consider with respect to these 2 points?
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