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Unable to Transfer Pension
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tesuhoha
Posts: 17,971 Forumite
Hi
My daughter has just got a new job. She was paying into a company pension for less than 2 years in her old job. She has just had a letter to say her pension fund is £2,200 and she has to transfer it to a new pension arrangement within 3 months in order not to lose it. A refund is not available.
However, she is not allowed to join the pension scheme at her new company until she has worked there for a year. Is there anything she can do in order not to lose the money she has paid in?
My daughter has just got a new job. She was paying into a company pension for less than 2 years in her old job. She has just had a letter to say her pension fund is £2,200 and she has to transfer it to a new pension arrangement within 3 months in order not to lose it. A refund is not available.
However, she is not allowed to join the pension scheme at her new company until she has worked there for a year. Is there anything she can do in order not to lose the money she has paid in?
The forest would be very silent if no birds sang except for the birds that sang the best
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Comments
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Was it more than 3 months old when she left the job?
If so, i'm scratching my head because I don't think it's possible for her to lose it, no matter what type of pension it was.
If you've got the letter, it would be interesting if you could write what it says (just the bit about what would happen if she doesn't transfer it).0 -
Open a stakeholder pension, pay in 1 months payment, suspend it then pay in the transfer value?0
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Was it more than 3 months old when she left the job?
If so, i'm scratching my head because I don't think it's possible for her to lose it, no matter what type of pension it was.
If you've got the letter, it would be interesting if you could write what it says (just the bit about what would happen if she doesn't transfer it).
The transfer should be completed within three months form the date of this letter. I would be grateful if you would confirm the details of the scheme you wish to transfer to by returning the attached form fully completed as soon as possible.
As you are aware the contributions were paid by the Company on your behalf by reducing your salary and therefore a refund of contributions is not available. Unfortunately, if you do not arrange for a transfer of your fund, you will not be able to claim payment from the Plan at a later date.
Yes it was more than three months old.The forest would be very silent if no birds sang except for the birds that sang the best0 -
http://www.cavendishonline.co.uk/pensions/transfers-and-repensioning/
She could try here?
She could then continue to pay in for the next year to keep up her pension savings and transfer into the employer's scheme if possible?0 -
What sort of pension was this, defined benefit (pension payout related to number of years worked and salary) or defined contribution (can pick between different investments and pension depends on how the investments do)? The first type might well have a rule about transferring or losing. I don't know of any way for the second type to have such a rule.0
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What sort of pension was this, defined benefit (pension payout related to number of years worked and salary) or defined contribution (can pick between different investments and pension depends on how the investments do)? The first type might well have a rule about transferring or losing. I don't know of any way for the second type to have such a rule.
Its the **** Group Retirement Plan - Defined Contribution Section. Also the Penwise arrangement is also mentioned.The forest would be very silent if no birds sang except for the birds that sang the best0 -
Some schemes have rules about in which timeframe you have to take the transfer out.
I suggest she opens a personal pension for the time being and transfer the funds into it (check it allows transfers in)0 -
The **** is DHL I think?
It does say you have '3 months to transfer' if you've been a member for less than 2 years.
But its not clear what happens if you don't.
I'm not sure they're allowed to remove her benefits altogether, but that's how it reads. Might be worth calling them.
The reason I say that is because you don't really want to transfer it until the new one is set up (if at all). There will likely be costs involved that she would rather avoid.0 -
The **** is DHL I think?
It does say you have '3 months to transfer' if you've been a member for less than 2 years.
But its not clear what happens if you don't.
I'm not sure they're allowed to remove her benefits altogether, but that's how it reads. Might be worth calling them.
The reason I say that is because you don't really want to transfer it until the new one is set up (if at all). There will likely be costs involved that she would rather avoid.
Yes it is - very clever. I will ask her to give them a ring thanks.The forest would be very silent if no birds sang except for the birds that sang the best0 -
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