Changed jobs - pension confusion...

george_aardvark

Hi there

TO AVOID ACTUAL COMPANIES I HAVE CAREFULLY GIVEN THEM MADE UP NAMES

Here are my details if anyone could help me out - The numbers are pretty accurate.

I am 46.
I have 70K pot with Allied Zunbar as a personal pension - frozen 2 years ago.
I have 40K with ZAXA as a Transferable Personal Pension... paid until January 2005 - both via my previous employer

I have now changed job - I have been offered a £700 month to the pension of my choice with no contribution myself and have £2,100 waiting to go somewhere.

Questions:
Should I keep the old ZAXA pension going and plug in the new moneys to it?
Should I start up a new scheme - HAVEN'T A CLUE WHAT I NEED - SIPP, PPP, XYZ....?
Should I plug in the old policies into that new scheme or leave them in peace.
Should I leave Allied Zunbar alone or do something with it?
What can I do about Fees and Commissions as I dont want to get ripped off...

I know this is detailed but, hey, you folk really know your stuff - A clue would be nice before I meet the sharks!

George

EdInvestor

Hi George,

How nice to have real free money promised

Step one is to obtain a "transfer value" for your two other pensions to see how much they're going to charge you if you leave.

To cut cost of charges and commissions the choice is basically stakeholder PP or low cost online SIPP as you have already figured out. I prefer the latter myself not least because the charges are transparent.

But your plans for investment of the money are also part of the decision.