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What to do with 'frozen' pensions..?
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Charlton_King
Posts: 2,071 Forumite
My wife has two private pensions with Winterthur, one being a stand alone and the other an AVC, into which she has not contributed for some years.
They are both former 'Colonial' policies which she started when in teaching. The approximate transfer values are £10k and £5k.
She continues to receive statements and they appear to have increased in value quite well during those years, but she is now actively contributing to a stakeholder with a different provider.
Can any pensions expert offer an opinion as to whether she should leave things as they are or whether should (could?) transfer to her current plan?
They are both former 'Colonial' policies which she started when in teaching. The approximate transfer values are £10k and £5k.
She continues to receive statements and they appear to have increased in value quite well during those years, but she is now actively contributing to a stakeholder with a different provider.
Can any pensions expert offer an opinion as to whether she should leave things as they are or whether should (could?) transfer to her current plan?
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Comments
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She can transfer the stand-alone one, but probably not the AVC, which is linked to the old occupational scheme.
To decide whether or not it would be good to do this, compare the fund choice and charges of both schemes, and, if the money is in a With profits fund, check whether there are any guarantees that would be lost by moving and whether or not there is an exit penalty.
[It's easy to understand why people so quickly lose the will to live when thinking about pensions....:rolleyes: ]Trying to keep it simple...
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in-house AVCs are treated as occupational pensions. FSAVCs are treated as personal pensions.[It's easy to understand why people so quickly lose the will to live when thinking about pensions....:rolleyes: ]
Your continued snide remarks are getting boring.
I have a couple of plumbing jobs that need doing. Its complicated to me and if I was to do it myself I would find it near impossible to do it (or do it well enough). A car mechanic can service the car easily. I cannot. An acountant does my books because I cannot. Why do you think that pensions should be any different to anything else? If you know what you are doing, then its easy to do. If you dont, you can either DIY and risk a bodge or get someone to do it.
I dont see you complaining in the savings section about all the different types of cash ISA.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 -
Actually, I took his remark as fairly light-hearted rather than snide. I realise fully that this is not a topic which gets Reuters' attention too often!
The problem with print only messages is that they are open to misinterpretation - in spades.
Thanks for all and any thoughts. If anyone else has a contribution to make, feel free.0 -
Actually, I took his remark as fairly light-hearted rather than snide. I realise fully that this is not a topic which gets Reuters' attention too often!
When you have been round a bit longer you would have a different view. 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 -
Charlton_King wrote: »Actually, I took his remark as fairly light-hearted rather than snide.
As it was meant to be.
Industry people sometimes have a problem seeing things from the point of view of the consumer,I'm afraid...Trying to keep it simple...0 -
snide remark number 2I 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
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haha guys come on were all here to achieve the same thing,
respect to dunstonh as he has been around for longer, but lets keep this site a credible one, not keep arguing
spread the love!!! lolINCREASE INTEREST ON SAVINGS!
...I will thank you if youve been helpful, please do the same! :j0
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