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Combining pensions
nixnie001
Posts: 9 Forumite
Hello,
Apologies if there is another thread on this. I have a question:
I have a personal pension with Standard Life, into which i pay £88 per month.
I am also enrolled in the pension scheme at my work. This pension also happens to be with Standard Life. With this scheme I pay in 3% of my salary and my employer pays in 5% (match, plus 2%).
I would like to combine the two schemes into one. Ie stop paying the £88 i pay into my personal pension, and rather increase my work pension of 3% (with the incremental contribution to match the £88), and then my employer contribution will therefore also increase, hence giving me more investment into one pension.
Does that make sense?
Is this possible to do? If so, can anyone advise how I go about 'cancelling' the £88?
I will then just increase my % payments through my work pension. This is basically what I would like to do.
Many thanks!
Apologies if there is another thread on this. I have a question:
I have a personal pension with Standard Life, into which i pay £88 per month.
I am also enrolled in the pension scheme at my work. This pension also happens to be with Standard Life. With this scheme I pay in 3% of my salary and my employer pays in 5% (match, plus 2%).
I would like to combine the two schemes into one. Ie stop paying the £88 i pay into my personal pension, and rather increase my work pension of 3% (with the incremental contribution to match the £88), and then my employer contribution will therefore also increase, hence giving me more investment into one pension.
Does that make sense?
Is this possible to do? If so, can anyone advise how I go about 'cancelling' the £88?
I will then just increase my % payments through my work pension. This is basically what I would like to do.
Many thanks!
0
Comments
-
Does that make sense?
YesIs this possible to do?
Possible yes but subject to scheme rules. There may be issues. For example, Standard Life run Group personal pensions and occupational money purchase schemes. The requirements will vary. One may be willing to accept your instructions. They other may require you to use the scheme IFA.
You would need to find out which applies to you before people on the internet who dont know your details tell you what to do.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 -
Is it possible to transfer your PP into your occupational scheme?0
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Do it as currently you are depriving yourself of tax free income!0
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IFA?
Independent Financial Adviser to the Scheme.
Have you contacted the Administrator of the occupational scheme to see whether a transfer in would be accepted?0
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