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Advice

Hi All, i have 3 pensons.. one with standerd life think i have bout 2k+ not paid any in for 5 years, A final salery one with the company im with which also no longer get paid in, due to them stop it or something cant rember and a new one with this company being paid in to friends life... just want advice without having to pay anyone

1) Is it worth moving the standered life one to new one??
20 The final salery stop last year something to do with it not worth it or not making enough money i think.. so the company decided to start a new penson with friend life and they match it...

If you need more info ask thanks

Comments

  • dunstonh
    dunstonh Posts: 118,617 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    just want advice without having to pay anyone

    No such thing exists.
    1) Is it worth moving the standered life one to new one??

    Possibly. Possibly not. The terms, features and options need to be compared. Something that either you need to do or your adviser.
    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.
  • jamesd
    jamesd Posts: 26,103 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    1. Check the charges for the investments you want to use. If they are lower or the same, move it. If higher, don't.
    2. It's normal for private companies to close their final salary pension schemes. Don't worry about it, you'll get whatever your statement says you'll get, increased with inflation. The company has to top up the amount in the pension fund if there's a prediction that there might not be enough to pay out all of the pensions at some point many decades in the future and that long term obligation is part of why companies have been closing these schemes. The new one you have eliminates that risk for the company, passing it on to the employees instead.
  • hi just been told why final salery are being shut down as the person says above, and was told to keep it i benfit from it in the end.. so standered life has 2600... 12 month ago was 2150 and not paid any in for 36 years. it on a high risk investment so not sure weather it worth keeping or not
  • atush
    atush Posts: 18,731 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Pretty much most if not all pensions were up last year (mine between 19-30%)


    If yours went down, you might need to change what it is invested in
  • atush wrote: »
    Pretty much most if not all pensions were up last year (mine between 19-30%)


    If yours went down, you might need to change what it is invested in

    hasn't gone down went up and sorry haven't paid in for 5 years.. decided to keep it at moment as 400 quid (between april 2012-2013) without anything paid in a bouns.. look forward to new statement in april !!!
  • atush
    atush Posts: 18,731 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Sorry.


    Anyway, as you can see it is growing. But how did your current DC pension do? Better or worse over the same period?
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