Pensions transfer advice

cookies19

Can you please help - I have been advised by my previous employer that having left the company with less than 2 years service I am entitled to a refund of my pensions contributions or transfer the pension value to another scheme etc

I have recenlty taken early retirement and drawing an occupational pensions - this other pension is totally different - can anyone advise - the pensions entitlement is £16000 but the contributions only amount to £2200

Thanks

xylophone

There would seem no reason why you should not transfer to another scheme (might a SIPP be suitable?) so as to keep the employer's contributions?
http://www.pensionsadvisoryservice.org.uk/workplace-pension-schemes/final-salary-schemes/options-on-leaving-your-employer
https://www.moneyadviceservice.org.uk/en/categories/transferring-between-pension-schemes

You say that you are already drawing a pension - you are over 55?

Are you in a position to use "flexible drawdown" (either now or after state pension cuts in)? http://www.hl.co.uk/pensions/sipp/transfer-to-the-vantage-sipp
might be worth a look?

cookies19

Thanks for your reply - being a bit of an amateur - howdo these things work ? - Do I just transfer the money then add to it - or is this an investment lump sum ?

atush

you can do either, but you should answer the Q's asked of you for the best information.

Would you like to consider making your own investment decisions? Can you afford to add more to it? even if you are not working you can add up to 2880 to a pension each year (which is grossed up to 3600 by tax rel). If you are over 55, would you want to start drawing this pension or leave it to grow further?

kidmugsy

You get in touch with a pension firm (e.g. Hargreaves Lansdown, Cavendish, Sippdeal....., tell them that you want to transfer in from a previous employer's Defined Contribution pension fund, and ask them how to proceed. They'll tell you, and send you suitable forms.

At least that's how it worked when I transferred old Personal Pensions to HL.

xylophone

Thanks for your reply - being a bit of an amateur - howdo these things work ? - Do I just transfer the money then add to it - or is this an investment lump sum ?

Have you had a look at the links above?

cookies19

If you are over 55, would you want to start drawing this pension or leave it to grow further?

Thanks for the replies - I have read the links - but it intrigues me - would I be able to start drawing this pension?

Also the links are a bit confusing - I basically want to know can I just invest the higher figure in a product and just leave it there - and perhaps add more when and if the money becomes available - would I be able to access the money ? I am 56 Years old

xylophone

You could transfer to another pension scheme. You could add to it.
Pension benefits can be accessed after age 55.


http://www.pensionsadvisoryservice.org.uk/personal-and-stakeholder-pensions/personal-pension-plans/retirement-options

Are you eligible to take flexible drawdown?

http://www.pensionsadvisoryservice.org.uk/annuities-and-income-drawdown/flexible-drawdown

You could look at http://www.cavendishonline.co.uk/pensions/transfers-and-repensioning/

If you are really all at sea you could consult an IFA. You will pay for this advice. http://www.unbiased.co.uk/

cookies19

Thank you all for your excellent advice it is much appreciated - I have decided to apply for a SIPP - I thought that losing £14000 was too much as I did not immediately need the cash settlement - once again thanks - diolch yn fawr (welsh)

jem16

Colin1 wrote: »

As an Independent Financial Adviser (IFA), I can confirm (as I do myself) that most will offer you an initial free consultation to establish all the facts to establish whether or not they can assist you.

Colin - this site does not allow you to promote or advertise your services in any way.

Could you please edit your post before it's reported.

bigmatt1174

Colin1 wrote: »

Hi there,

As an Independent Financial Adviser (IFA), I can confirm (as I do myself) that most will offer you an initial free consultation to establish all the facts to establish whether or not they can assist you.

I would be a bit concerned that the website this refers to still talks about being paid by commission post Jan 2013 and as commission for any work bar protection and certain GPP's is no longer available, - and also the main website clearly states client has option of fee or commission would in my opinion question how clear the fees may be made to the client! Just a thought!