Options for (lost) matured pension plan once found.

GordonSadler

I am in the process of tracking down a pension for my OH. The basis of my post here is to establish what her options will be once I find it. The background to this is she was made redundant in c1989 by a leading accountancy firm. On the advice of a financial advisor (who we cannot find now) she put her pension pot (c£28k) into pension plan that when it matured at 60 she would buy an annuity. She is now 63, so it matured some time ago.
Do you know whether there is a compulsion to buy an annuity on these types of plans or whether there are other options available - i.e. moving the matured amount into a SIPP etc..
I'm afraid I don't have that much information, and won't have until I track down the actual pension product she bought, so I am asking more from a generality perspect rather than specifics.
Comments will be most welcome.

dunstonh

into pension plan that when it matured at 60 she would buy an annuity. She is now 63, so it matured some time ago.

Most personal pensions mature at 75. Any age earlier age is just an indicated age for statement purposes.

Do you know whether there is a compulsion to buy an annuity on these types of plans or whether there are other options available - i.e. moving the matured amount into a SIPP etc..

We dont know the type of plan. If its a personal pension then there is no compulsion. If its a section 32 buy out bond, there is none either but there can be benefits (and issues) if annuity is not purchased.

jamesd

One key thing to check for is whether there is a guaranteed annuity rate attached. Those can be significantly higher than current open market rates for those in normal health. Enhanced annuities for those with things that reduce their life expectancy can pay more, though.

In general at 75 you need to either start drawdown or buy an annuity. Drawdown can be done without taking any income.

GordonSadler

Thanks for coming back to me. I've had notification back that they cannot find trace of any pension for my OH. Given that it is not an actual pension that I am trying to chase can anyone suggest where to start looking?

xylophone

On the advice of a financial advisor (who we cannot find now) she put her pension pot (c£28k) into pension plan that when it matured at 60 she would buy an annuity. She is now 63, so it matured some time ago.

Are you sure that this was a pension transfer rather than an investment made using her redundancy money?

a leading accountancy firm.

Still in existence? If the above rings bells, is it possible that she has a deferred pension with this firm?

GordonSadler

xylophone wrote: »

Are you sure that this was a pension transfer rather than an investment made using her redundancy money?



Still in existence? If the above rings bells, is it possible that she has a deferred pension with this firm?

It was a transfer out of her company pension scheme into ??? - thats what I'm trying to establish.....

It was some type of financial product that she had to buy an annuity at retirement age..... Until I can accurately establish the type of product I can't go about tracing it..

Annisele

Did you try the Pension Tracing Service (for an actual pension), My Lost Account (in case it's cash) and the Unclaimed Assets Register?

GordonSadler

Annisele wrote: »

Did you try the Pension Tracing Service (for an actual pension), My Lost Account (in case it's cash) and the Unclaimed Assets Register?

Still working on this... Have used both the Pension Tracing Service and Unclaimed Asset Register, that have both drawn blanks. I am currently trying to track back with the personnel department of her former employers. We have found the date that her pension was transferred (1992), but not who it transferred to. I have also been advised to contact the NI Contributions Office, as she would have been contracted out.

I must say, the companies that I have contacted so far are very helpful. But I'm disappointed that there is no single repository for this information and even the UAR has glaring omissions from its list - Norwich Union (Aviva) and Northern Rock (Virgin Money) for example.

xylophone

Is your wife drawing her state pension? Does she have a contracted out deduction?

If she was made redundant in 1989 but the transfer was in 1992 did she transfer a deferred final salary pension?

If so it is likely that she transferred to a S32 policy?

http://www.scottishlife.co.uk/scotlife/Web/Site/faq2.asp?category=S32%20buyout%20bonds

atush

This is like a mystery of the week.

We want to know what happens in the end lol

GordonSadler

atush wrote: »

This is like a mystery of the week.

We want to know what happens in the end lol

Traced!!! :j

A pat on the back to Capita who now manage the PwC pension scheme, they took up the baton and tracked back in old company personnel files and found it was transferred to Clerical Medical in September 1991. Have given us the transfer amount too..

Now to get the plan details and value...