What to do with small pension pots when your young.

Edward_Mason

My previous employer paid into a pension scheme on my behalf. Its current value is £4300.00 I never wanted a pension as I have my own long term interments for the future. What are my options?I have been told by Friends Life Limited which my pension is with I cant get it out until I am 60alternatively I can leave it frozen. Its seems like a waste to me. Is there anyway I can take control of it or even give it to my parents?

kidmugsy

Edward_Mason wrote: »

I have my own long term interments for the future.

I can see that if you don't expect to live for long then a pension isn't very attractive.

dunstonh

I never wanted a pension as I have my own long term interments for the future.

A pension is just a tax wrapper to contain investments for the long term in a tax efficient manner. For most people, it is logical to make use of hte pension wrappers to varying degrees.

What are my options?

leave it where it is or transfer it to another pension.

I have been told by Friends Life Limited which my pension is with I cant get it out until I am 60alternatively I can leave it frozen.

It cannot be frozen. So, that isnt one of the options. If FL have said 60, then that suggests it could be a section 32 buy out bond or S226 retirement annuity contract (although their early commencement age was lowered in 2006 to 55) or it could just be the scheme age.

Its seems like a waste to me.

You have a strange way of looking at money. How is it a waste? If you have investments, surely you must recognise that investments are not a waste?

Is there anyway I can take control of it or even give it to my parents?

You cannot give it away. You can take control of it though.

edit: I have read your post where you said interment to be a mistake meaning investments. However, if you did mean interment, then don't worry, on your death the pension would be paid out to a nominated beneficiary. Such as your parents.