don't want this pension plan

chrishar

Many years ago I was enrolled in a company pension plan and I think I paid for 2 months before cancelling my contributions to it. I then decided to invest in other areas instead of a pension plan.

I have a letter from standard life with a plan number but it wont let me register online to see what is in there. Very little I expect, and I am happy to write this money off and have no more dealing with this company.

I have read that you can't cancel a plan unless you opted out within 30 days. Does this mean I'm stuck with this account for another 25-30 years or is there any way I can get it closed as I don't really want any more letters or communications with them. I am happy to write off any money in there, I just don't want the hassle?

suse*

I'm not really sure what hassle you mean unless they are asking you to change the funds it is invested in or something then surely that is in your interest to get the best return anyway.

What's probably easiest though is just request a transfer to your current pension provider rather than write the money off completely. There might be some associated fees but still every little helps especially if you have 25-30 years of componding to go.

If you mean you have no pension at all currently either sipp, work or personal you might want to think again about that, as you're throwing away tax rebates you could be having by doing so and also possible employee matching contributions which are basically free money.

dunstonh

I then decided to invest in other areas instead of a pension plan.

Bit daft a decision.

I have read that you can't cancel a plan unless you opted out within 30 days. Does this mean I'm stuck with this account for another 25-30 years

yes

I don't really want any more letters or communications with them. I am happy to write off any money in there, I just don't want the hassle?

Just transfer it to your main pension then.

suse*

Actually another question, is this a defined benefit or defined contribution pension, so db or dc. As even for a few months a db pension might be worth leaving where it is as the fee's won't eat it up the same as it might for a dc that isn't being looked after.

It might not seem like a lot of money but when you retire you might be greatful for that extra 10-100 quid a month or whatever it is. Unless you're already a multimillionaire or something already which is why you don't think pensions need to apply to you.

PeacefulWaters

chrishar wrote: »

Many years ago I was enrolled in a company pension plan and I think I paid for 2 months before cancelling my contributions to it. I then decided to invest in other areas instead of a pension plan.

I have a letter from standard life with a plan number but it wont let me register online to see what is in there. Very little I expect, and I am happy to write this money off and have no more dealing with this company.

I have read that you can't cancel a plan unless you opted out within 30 days. Does this mean I'm stuck with this account for another 25-30 years or is there any way I can get it closed as I don't really want any more letters or communications with them. I am happy to write off any money in there, I just don't want the hassle?

Fill in a form and move the money to your main pension.

McKneff

Opening an envelope once a year is hardly a hassle.

TrustyOven

McKneff wrote: »

Opening an envelope once a year is hardly a hassle.

Unless you move house, and then it becomes yet another time-expensive thing you have to deal with, on top of an already very time-expensive operation (moving house).

chrishar

when you say move it to my main pension plan, do you mean to the state one everybody has? other than this i have no other plans that i'm aware of.

suse*

No the state pension is based on 35 years of NI contributions currently to get a full pension. If when you're getting closer to retierment if you don't have the 35 years you might be able to buy some more years but I dont't think you'll need that from what you've said so far.

So unless you're independantly wealthy already how are you intending to fund your retierment as the state pension will not keep you in a manor you are currently used to.

Depending where you work and the size of the company the new pension rules mean in the next few years if not all ready you will end up with a new work pension. If you're self employed then you still need to look at your own provision for a pension.

If you don't you're just throwing money away on saved taxes and years of compound interest as well as possible matched emloyer contributions. So once you get a new pension setup if you don't want to keep the old one seperate you can get the forms from the old and new pension to get the money transfered over.

PeacefulWaters

chrishar wrote: »

when you say move it to my main pension plan, do you mean to the state one everybody has? other than this i have no other plans that i'm aware of.

Why not?

What does your employer offer?

atush

chrishar wrote: »

when you say move it to my main pension plan, do you mean to the state one everybody has? other than this i have no other plans that i'm aware of.

why no pension now? does your current employer have one that they will pay money into and you have opted out again? seriously?

throwing away free money isn't really a sign of high intelligence.

nor is throwing away old free money because opening an envelope once of year is too much trouble