Very old unused pension - advice needed

sportyrich2000_2

I have absolutely no knowledge at all about pensions and really have not needed to for years as I am a teacher now so it's all done for me. However many years ago in 1990 I took out a private pension scheme and paid into it for 2 years. I then stopped paying into it and forgot about it completely. I have just found the paperwork for it and it stopped at £365 paid in. Can I get this money or transfer it to my Teachers Pension or is it dead money as I have had no contact with the company for years. It is NPI through a broker that doesn;t exist anymore and I'd rather not contact NPI until I at least have some idea of how it works and what to ask.

Any help gratefully received

Rich

kidmugsy

It depends whether the broker pocketed the £365 as commission or whether it mostly reached NPI and got invested. If the latter it's just waiting for you with (you'd hope) growth added. In the latter case you can crystallise a "stranded pot" of £2000 or less at 60, and get the whole lot out - 25% will be tax-free, the rest will be taxed as income. As for transferring to the TPS - sorry, no idea.

dunstonh

However many years ago in 1990 I took out a private pension scheme and paid into it for 2 years.

Pensions, like most investment contracts of that period, typically had very high charges in the early years. 12-24 months worth of premiums were not uncommon.

It is NPI through a broker that doesn;t exist anymore and I'd rather not contact NPI until I at least have some idea of how it works and what to ask.

You need to contact NPI.