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Threatened Pension Loss, Where to move 7K
Options
OzMy
Posts: 1 Newbie
Hi all,
I was at my last company less than 2 years and have received a letter from the pensions administrator to say that I am under the pension qualifying period and I have a month to move my 7K to a recognised HMRC scheme or I will lose the money.
I am now self employed and I simply want to park the 7K somewhere and let it grow. Due to reasons I won't go into I don't want to contribute money on regular basis to the new scheme/plan.
What options are open to me, ISA, SIPP etc?
Thanks.
I was at my last company less than 2 years and have received a letter from the pensions administrator to say that I am under the pension qualifying period and I have a month to move my 7K to a recognised HMRC scheme or I will lose the money.
I am now self employed and I simply want to park the 7K somewhere and let it grow. Due to reasons I won't go into I don't want to contribute money on regular basis to the new scheme/plan.
What options are open to me, ISA, SIPP etc?
Thanks.
0
Comments
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What options are open to me, ISA, SIPP etc?
Stakeholder, personal pension or SIPP. ISA is not an option as it is not a pension.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 -
As Dunstonh says, SIPP or personal pension. Given the small sum, using an IFA might not be cost effective given no ongoing contributions, so either choose a SIPP provider or look at opening a personal pension using someone like Cavendish Online. Both are quick as easy but you'll need to get cracking!I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
http://www.cavendishonline.co.uk/pensions/transfers-and-repensioning/
You could try here.0 -
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