Husbands pension ?? Transferring ?

leona71

Hello,

My husband left a Company which had a good pension but he has only 8k in the pot, we have only 3 months to transfer this to another pension company or we lose the money. He is at another company now with no pension but what can he do about this one? He doesn't really want to pay money into a pension at the moment but also doesn't want to lose 8k.

What is the best option for transferring this money. He had a pension with Hewlett Packard.

Thanks

jem16

leona71 wrote: »

What is the best option for transferring this money.

What kind of pension was it - money purchase or final salary?

Assuming he doesn't have an option of keeping it where it is, opening up a Personal pension and transferring it into it would be the best option.

leona71

I have no idea if it was money purchase or final salary. He paid aprox £200 of his salary every month plus there was a top up from the company of 8%.

I will look at Personal Pensions. thanks

jem16

leona71 wrote: »

I have no idea if it was money purchase or final salary. He paid aprox £200 of his salary every month plus there was a top up from the company of 8%.

The way you describe it sounds more like a money purchase scheme but it could be either.

When he looks at his pension statement does it talk about an actual pot of money as opposed to number of years service?

leona71

The pension is with Capita and in the letter is says to tick one of these boxes - Occupational scheme, personal pension stakeholder scheme or buy out policy. We are lost at what we should do as pensions are so complicated. We have been given a transfer application & warranty form to fill in. Thanks for your help Jem16 x

jem16

leona71 wrote: »

The pension is with Capita and in the letter is says to tick one of these boxes - Occupational scheme, personal pension stakeholder scheme or buy out policy.

Capita does administer occupational pensions including final salary so it's not yet clear.

Who did your husband work with?

leona71

Hewlett and Packard.

leona71

It was just mentioning a lump sum value, nothing to do with years service. It quotes what he has in the pension from a certain date and how much he can transfer to another pension. I was looking at Virgin pensions.

jem16

leona71 wrote: »

It was just mentioning a lump sum value, nothing to do with years service.

OK - fairly certain to be money purchase then.

I assume it's this scheme?

http://www.hppension.co.uk/pdfs/HPSchemeBooklet.pdf

I was looking at Virgin pensions.

That's the worst pension you could probably pick. A choice of 2 funds and twice as expensive as other places. Why there?

Probably best to go to Cavendish Online and choose one of their pensions.

http://www.cavendishonline.co.uk/pensions/

leona71

Thanks for your feedback, it the first choice when I googled personal pension plans. Okay will go via Cavendish and see what they have. Thanks so much for your advice.

Yes that is the HP pension.