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First Pension
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NoMoneyHoney_2
Posts: 36 Forumite
Kind of...
I am properly, properly baffled by pensions. I tried reading the Money Advice Services guide but it didn't really help. Do I really need to get a financial adviser? Is a pension the best option? Everything...
I can opt in to a workplace pension but I have been applying for other jobs so I'm not sure I want to do that right now. I also used to work for the NHS and paid into my pension then (at 17!!!!) what do I do about the money from that? Where is it? How do I get it? Can it be transferred to another pension?
I am properly, properly baffled by pensions. I tried reading the Money Advice Services guide but it didn't really help. Do I really need to get a financial adviser? Is a pension the best option? Everything...
I can opt in to a workplace pension but I have been applying for other jobs so I'm not sure I want to do that right now. I also used to work for the NHS and paid into my pension then (at 17!!!!) what do I do about the money from that? Where is it? How do I get it? Can it be transferred to another pension?
Dec GC - budget £150 spend £7.62
0 NSD's!!! :T
Nov GC - budget £150 spend £113.93
With 12 NSD's!!! :T
0
Comments
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Do I really need to get a financial adviser?
No. You do that if you dont know what you are doing yourself.Is a pension the best option?
That depends on your personal circumstances.I can opt in to a workplace pension but I have been applying for other jobs so I'm not sure I want to do that right now.
That would make you an opt out and a financial adviser will not be able to recommend a pension scheme other than the employer one. Plus, many providers, if you went direct, ask if you have opted out of the employer scheme and wont accept business if you have.
You should join the employer scheme.I also used to work for the NHS and paid into my pension then (at 17!!!!) what do I do about the money from that? Where is it? How do I get it? Can it be transferred to another pension?
You leave it where it is and just make sure they have your current address (and any future change of address).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 -
So if I join the workplace one and leave the company my money won't be lost forever?Dec GC - budget £150 spend £7.620 NSD's!!! :T
Nov GC - budget £150 spend £113.93With 12 NSD's!!! :T0 -
NoMoneyHoney wrote: »So if I join the workplace one and leave the company my money won't be lost forever?
No, it will be left until you take it at age 55 or later.
The one thing to. Heck would be the fees as these can increase if you leave a job, in which case you can transfer it, either into your new job one or a separate personal pension, but that's nothing to worry about and people here can comment if you come back when that happens.0 -
Join your employer's scheme now.0
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