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Old company pension
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Snowie_2
Posts: 2 Newbie
hi everyone.. dont know anything about pensions and trying to get my head around it so i can fix it all up
I changed jobs this time last year, and new company didnt have a contributed pension scheme. so my payments for my old pension stopped and i havent set it back up.
My pension is with standard life and was a group pension? scheme with my last company, dont think theres alot of cash in there, but i need to transfer that to a new pension right? and then start paying into the new pension.
Im 22 so ive got a while tell i get at my pension, but i wanna get it setup so that its done and dusted for a while.
Do i need to speak to the pension advisor who has my current pension or do i just speak to the new pension company and ask them to sort it all out?
Thanks in advance
Owen
I changed jobs this time last year, and new company didnt have a contributed pension scheme. so my payments for my old pension stopped and i havent set it back up.
My pension is with standard life and was a group pension? scheme with my last company, dont think theres alot of cash in there, but i need to transfer that to a new pension right? and then start paying into the new pension.
Im 22 so ive got a while tell i get at my pension, but i wanna get it setup so that its done and dusted for a while.
Do i need to speak to the pension advisor who has my current pension or do i just speak to the new pension company and ask them to sort it all out?
Thanks in advance
Owen
0
Comments
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My pension is with standard life and was a group pension? scheme with my last company, dont think theres alot of cash in there, but i need to transfer that to a new pension right? and then start paying into the new pension.
No. Not neccessarily. A Standard Life group scheme can be converted to an individual plan very easily once you leave the scheme. Indeed, this may have already happened without you spotting it (individual plans with SL start with a K).Do i need to speak to the pension advisor who has my current pension or do i just speak to the new pension company and ask them to sort it all out?
You can do it yourself online or you can get advice. DIY will usually result in a slightly cheaper pension, although not always.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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