£50,000 to invest from 4 old pensions, any suggestions please

shakeyourmoney_2

Hello everyone,
1st of all this is my 1st post on here (sorry for jumping in on the middle of the other thread on the SIPPS page) because you guys on MSE were recommended to me, anyways here goes - I'm 45 years old in may & decided to look at my pension situation & found out this is whats on the table ATM (transfer values in brackets). Also i'm currently on JSA (unemployed) for last 3 months & not contributing to any of these pensions or have been for many years. I'm hoping to start work shortly & will be looking to start contributing to a pension again £150/£200 pm, after having my head in the sand for 15/20 years busy raising a family.

1. Royal London (opted out of SERPS in 94) £30,500 (£30,500)
2. Prudential £5,000 (£5,000)
3. GRE £11,000 (£11,000)
4. NPI £3,750 (£3,250)
TOTAL = £49,500 (£50,000)
5. State pension 28 qualifying years.

What basically happened was this, a text message landed on my phone which prompted me to reply INFO, then a phone call later that day which resulted in the e-mail below.

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Dear Steve

Further to our telephone conversation we confirm your interest in obtaining a commission rebate representing up to 10% of the value of your pension investment. This facility will be administered by the specialist pension transfer companies that Access2Cash act for as an introducer. Please note that Access2Cash are a specialistmarketingand packaging company who refer and package enquiries in our capacity as an introducer.

Accordingly, we would be pleased if you would complete and sign the enclosed Client Enquiry Form and return it to us by post as we will require the original. The Independent Financial Adviser who will undertake the pension transfer will also require the current transfer value and the necessary discharge forms from your current pension provider/s therefore can you please contact them and obtain these without delay.


To comply with the Data Protection Act and money laundering regulations in force, it is a legal requirement that certain documents are alsosupplied and it would help matters proceed smoothly if you could organise the following in readiness:

One document from the following:

· Valid passport
· Valid Photo card Driving Licence (full or provisional)

One document from the following:

· Valid Driving Licence (if not used above)
· Current Council Tax letter or statement**
· Current Bank statement, Credit Card statement issued by a regulated financial sector firm in the UK/EU but not printed from the internet*
· Utility bill, but not one printed from the internet*

**Dated within the last 12 months.
*Dated within the last 3 months.

Please note that photocopies of the above documents certified by your financial advisor, accountant, solicitor, bank manager or an appropriately recognised and regulated individual. It is important that the person signing off the document must include their full name, address, occupation and qualifications on the copy they have certified. Alternatively, you may also go to most larger Post Offices who for a small fee will certify your documents.

We will of course confirm receipt and forward your enquiry onto the Independent Financial Adviser who will deal with your enquiry. Please note that Access2Cash are a specialist packaging and marketing company who refer enquiries in our capacity as an introducer.

We look forward to receiving the completed form at your earliest convenience so that we may pass on your enquiry

Kind Regards



Jason Ludgate
Access2cash
16 Landseer Road
Westbourne
Bournemouth
BH4 9EH

m: +44(0)7727 629885
t: +44(0)1202 545275
e: [EMAIL="adrian@access2cash.co.uk"]jason@access2cash.co.uk[/EMAIL]

Disclaimer: Access2Cash are a specialist packaging and marketing company and do not offer any financial advice and only forward enquiries in their capacity as an introducer

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The guy I spoke to talked about a SIPP & investing in carbon credits with an annual yield of 12/14% for 3/4 years but with 10% of the initial investment paid to myself as a commission, as long as there is a minimum of £20k, so in my case £50k @ 10% = £5k cash which would come in real handy right now. Anyways I'm really unsure of what to do & quite wary, any advice/pointers would be very helpful.
Also I need to evaluate my situation as I didn't realise I had this much in my pensions, so really anyone who knows whats what, your thoughts would be much appreciated.

Many Thanks.

Aegis

Carbon credit investments and the 10% rebate both put up huge red flags. Likewise, the unsolicited text message advertising this service is not something a reputable company would do.

My gut feeling is to avoid it and either seek advice from a reputable professional or manage your pension affairs yourself.

RichandJ

Scam. Probably illegal as well.

Avoid.

CannySaver_2

Avoid like the plague.

Three reasons:

1. HMRC do not allow commission to be split between a broker and an IFA

2. These are unregulated FSA investments, when it goes wrong, as it may well do you will have no one to complain to

3. These are your pensions, they are there fore retirement, not when you get into financial difficulty along the way, as harsh as that may sound you won't regret not doing anything, which may net you £5k now, less tax, but probably at the expense of your whole fund later on

The Canny Saver