Company pension into personal?

Claudiab251274

Is it possible to transfer my company pension now I've been made redundant into my personal pension? I think I have a stakeholder pension
Thanks

TrustyOven

This is an interesting question (I don't know the answer, I'll wait for the more knowledgeable to respond).

If I may, tack on this additional question: Is it possible to transfer a company DC pension into a SIPP?

dunstonh

Is it possible to transfer my company pension now I've been made redundant into my personal pension? I think I have a stakeholder pension

Technically possible, yes. However, whether it is sensible is another matter. It is also possible providers will insist on advice with certain types of pension.

You have a stakeholder which may have been fine in 2001 but is more of a niche option in 2014. The version you have may be fine but it may not be. How does it compare to the works pension?

xylophone

Is it possible to transfer my company pension now I've been made redundant into my personal pension? I think I have a stakeholder pension
Thanks

What kind of pension is your company pension?

Is your personal pension the stakeholder?

xylophone

Is it possible to transfer a company DC pension into a SIPP?

http://www.pensionsadvisoryservice.org.uk/about-pensions/when-things-change/transferring-your-pension

Check with your provider that a pension transfer will be accepted.

Claudiab251274

Errr not a clue tbh! Is it best to just leave my company pension where it is? I've only had it 4 years. I only pay a measly £60 into Jay stakeholder. It's worth nothing

xylophone

Was your old company pension defined benefit or defined contribution?

http://www.which.co.uk/money/retirement/guides/company-pensions-explained/defined-benefit-and-final-salary-pensions/

Claudiab251274

Sorry I don't know

xylophone

Sorry I don't know

Ask the administrator.

quotememiserable

Claudiab251274 wrote: »

Sorry I don't know

It's very important that you find this out. If it's defined benefit that it's very likely to be very dissadvantageous to move it away.

jamesd

Was there any discussion about a "default fund" or "lifestyling" or an ability to choose your own investments? If the answer to any of those is yes it is a defined contribution pension and transferring is possible.

Whether transferring is wise depends on the investments you want to use and the cost of those investments in each place. Also on things like customer service.

If instead there was talk about a fixed amount of pension for each year worked as a percentage of your salary, like say 1/80th per year worked, then it is probably a defined benefit pension and you cannot usually transfer those except in relatively uncommon situations like having a life expectancy that is less than a year or much shorter than usual.