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Various pensions
lentrix92
Posts: 113 Forumite
Aged 37
I currently have 3 pensions.
A) 1 old work pension (1998 - 2000). No avc's - non transferable
1 old work pension (2000 - ) Stan Life. some avc's - Turned into private pension in 2005 - I still pay into this.
c) Lastly work pension (2007 - 2012) Axa. some avc's - Frozen as made redundant.
My question is should i merge the Stan life & Axa into one/ keep as separate / switch into a sipp for either /both ???
thanks
I currently have 3 pensions.
A) 1 old work pension (1998 - 2000). No avc's - non transferable
1 old work pension (2000 - ) Stan Life. some avc's - Turned into private pension in 2005 - I still pay into this.c) Lastly work pension (2007 - 2012) Axa. some avc's - Frozen as made redundant.
My question is should i merge the Stan life & Axa into one/ keep as separate / switch into a sipp for either /both ???
thanks
0
Comments
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There is no problem with multiple pensions. Employer pensions can be cheaper than personal pensions set up by an individual because of bulk buying discounts or subsidies.
Suggest you wait until you get your next job and investigate then whether it is worthwhile and possible to merge in your old pensions to your new one.0 -
and why is no1 non transferable?0
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It's in the rules - i have previously asked0
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There is no problem with multiple pensions. Employer pensions can be cheaper than personal pensions set up by an individual because of bulk buying discounts or subsidies.
Suggest you wait until you get your next job and investigate then whether it is worthwhile and possible to merge in your old pensions to your new one.
I am in a new job - but now self employed.
New question - instead of paying in any more into the pension - is it better to invest in equity isa's instead? I am not a higher rate tax payer.
Are Isa's cheaper / better for me at this stage ???0 -
It has been known for rules to change...... quite significantly in some cases! I would certainly write to the company and ask to transfer it to wherever you decide and see what happens.....don't phone them, write by snail mail..0
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Are Isa's cheaper / better for me at this stage ???
No cost difference. Virtually no difference in investment choice. Tax and maturity process as the only differences.
Pensions pay a higher income than ISAs in retirement (even if all the pension income is taxable). However, ISAs give you capital access. For most people, a combination of the two is the best option.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 -
Well, if your new business goes bust, a pension will be safe from creditors, and an ISA won't. And a pension wont affect means tested benefits and an ISA will.
And 80 into a pension will be worth 100, while the same 80 in an ISA will be worth .....80.0
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