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Paid up personal pension advice
cheghead
Posts: 849 Forumite
I have a paid-up (stopped paying payments years ago) with-profit personal pension with Phoenix Life originally started with Royal Sunn Alliance. My last annual statements showed this:
Guaranteed basic sum £3393
Existing annual bonus £7328
New annual bonus £5.37 (Annual bonus rate 0.05%)
Gauranteed Pension Fund £10727
Transfer Value £11292
It says a final bonus may be applicable when plan becomes a claim.
As you can see the annual bonus is a tiny sum. Any advice on what I should do with it, just leave it or transfer to another provider?
Guaranteed basic sum £3393
Existing annual bonus £7328
New annual bonus £5.37 (Annual bonus rate 0.05%)
Gauranteed Pension Fund £10727
Transfer Value £11292
It says a final bonus may be applicable when plan becomes a claim.
As you can see the annual bonus is a tiny sum. Any advice on what I should do with it, just leave it or transfer to another provider?
0
Comments
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We cant say. We dont have enough info to go on.
For example, you dont state what type of pension it is. If there are guaranteed annuity rates, GMP etc. (the gauratneed basic sum suggests old and possibly a S226 retirement annuity contract rather than a personal pension.
We cant do a cost analysis either.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 -
It says
Type of plan: Section 226 with profits.
Assumed pension date 2020
No mention of guaranteed annuity rates, GMP etc.0 -
http://www.financialadvice.net/old_annuity_policies_s226_s620/zone/373
might be worth a look for information?0 -
Pensions are so complicated I'd never heard of section 226 before! I just assumed my plan was just a personal pension.
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Ok so now I know it is a S226 what would be the effect if I did transfer it or would that not be advisable?0
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An awful lot of S226 RACs have guaranteed annuity rates. Often not obvious but its a question that needs to be asked. Some also have guaranteed minimum maturity values.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
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