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New Pension Help PLS

[FONT=&quot]I recently started a new job, which has a company pension scheme, were they add 7% on top of my monthly contribution. I have an existing pension with Scottish widow and can’t afford both. Would I lose out if I cancel or pay less into the Scottish widow pension?[/FONT]

Comments

  • dunstonh
    dunstonh Posts: 118,554 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Would I lose out if I cancel or pay less into the Scottish widow pension?

    Only if it was one started out before 1995 and has guarantee annuity rates.
    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.
  • So it would be ok to cancel??????
  • EdInvestor
    EdInvestor Posts: 15,749 Forumite
    Don;t you think you'd better find out about the guarantees first? :rolleyes:
    Trying to keep it simple...;)
  • I've searched through my pension documentation and found no evidence of guarantee annuity rates, would this be an extra to the plan? also the pension started in 2001.
  • dunstonh
    dunstonh Posts: 118,554 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    There are no known GARs for plans started after 1995. So, having checked your docs, you should be ok.
    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.
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