Standard Life Pension

colink24

Hi All

I had a pension back in 2001 with my then employer, which I contributed to on a monthly basis, though only small amounts due to age and income. I have recently fished out the paperwork, as I left the company in 2004 and forgot all about it.

I just rang Standard Life and they advised that the pot was currently worth a little over £5000. I do not currently have a pension, though I do work full time and have the option of taking up a pension through my employer. I turn 32 this year, so have decided I probably need to start contributing, not least so that my employer pays in!

Is the best option to speak to my employer and get some advice on what to do with the old pot? Standard Life said I can transfer with no penalties, probably due to the age of the pension.

Any advice appreciated, including other investment options with that pot, if there are any.

Thanks

Daniel_Elkington

You could talk to an IFA, but it will cost you at least £800 to transfer a pension and anyone who could do it for less than that will do half a job.

If you ask standard life for discharge papers and sign and send them to the new pension company then it will be all in one place. Whether that is the best thing for you or not is another question which can only be answered by an IFA or by you doing a lot of legwork.

Your new scheme may have an adviser attached who could do the analysis for you. You could ask your employer to get them to see you and they may do it for cheaper as they will be getting paid a tonne to sort out the GPP.

colalba

I'd suggest first thing to do is join your employer scheme. Sounds like you have come to that conclusion. Why not do it on Monday and get the FREE money from your employer from next month.

Then you can turn your mind to what to do with the Standard Life pension.

GhIFA

Join your current employer's scheme, get the employer contribution.

Find out if your employer has an adviser that looks after the scheme and speak to them about what to do with the Standard Life pension.