Continuing my pension....

Seanc

Hello,

I am due to turn 55 in a month, and, as my "selected" retirement date was originally, when I turn 55. I have recently been receiving documents about my options for my prudential private pension.

I am still working and would like to continue on this pension (maybe to the age of 65), but I am not sure if the pension I have is a good one, or who to go with if it is not, or can I even transfer my current "pot" of money to another provider? Can a pension be transferred between providers? Can anyone point me in the direction of a good pension provider as I cannot seem to find much info on the MSE website.

I would just like some advice on whether anyone could point me in any direction, as I feel totally lost with all of this! Or is the best bet just to change my retirement date with my current provider and keep putting away savings for retirement. Then choose a good Annuity provider when I do retire.

If this has been answered in another thread I apologise but I cannot find it. (please post a link to it if there is one! thanks!)

Thanks,
Sean

jamesd

It's generally easy to transfer all pensions except work-based final salary and similar pensions.

Do not under any circumstances just buy any annuity that Prudential offers you. It's uncommon for the place where you've had the money invested to also offer you the best annuity deal. A local IFA can be expected to beat such offers most times.

You don't need to buy an annuity or take anything from the pension now if you don't want to.

There are many good pension providers, which one is best for each person depends on which investments they want to use.

Given your apparent lack of experience I suggest that you visit unbiased.co.uk to find a local IFA. Like any other business the prices and service levels will vary so don't just pick the first one that you have an initial discussion with.

Seanc

Thank you for your reply!

When the time comes I will be shopping around for annuity. With regards to my current situation, now I think I can transfer my pension, I will start to look around to find out what type of rates I am currently getting and what rates I could expect with another provider.

Thank you for the link to find an IFA. I will be using it.

atush

The 'rates' will depend on the underlying investments. So look at charges too.

Seanc

Thank you, I hadn't looked much into rates. I had a quick look at the pru's website. To find rates and charges isn't easy at all. Are there any quick web based resources to show rates and charges? Or is it a case of doing the hard graft myself?