Young(ish)Pension Planning w/ a Stolen Pension

badflaw

Hello, Im 33,No kids (but will probably have two), buying my first house on a 25k mortgage (3bed, probably won't upsize ) and currently earn 50k, though this will drop to 40K within the next couple of years for the future

I had most of my first pension stolen when my employer went bust,

The remaining 6K has become 10K with friends life in the FL BlackRock (50:50) Gl Eq Idx (Aq C)

I'm currently paying £ 50 a month into Hargreaves Landsdown Sipp , I will increase this shortly (now i've saved my house deposit)

I also have a good career average pension with my current employer of 5 years,, though may be leaving in the next two years to take a year out and top up to a degree- then find alternative employment (for 30-40k a year).. burt presume a new pension wiht a new employer will be of a modern, less favourable type?

Im experienced at buying and selling my own shares in an ISA. so would like to start doing the same in a SIPP . Im considering transferring the money out of friends life and into my HL SIPP.
IS it worth doing this? ( or am I going to be charged massively?)

To exit the plan with maximum profits Can I sell instantly when my units are at a high, or is there a delay on moving to cash?

DO you have any advice/ comments with regards to my pension provisons?

badflaw

Ps. All first time buyer costs are accounted for, Im goign 50 ;50 with my gf for the house bills My mortagae is £750 a month . We have a shared house bills account and a shared 5k emergency house fund. All other finances are seperate

Apart from house funds I currently have £6k in shares ISA I actively manage. £5k Instant access Savings. Ive no other debt/loans etc

Im able to save between £500 and £1000 a month. Of which , Ill probably put £500 a month into shares ISA.

edinburgher

DO you have any advice/ comments with regards to my pension provisons?

• Invest in funds as well as shares, most stock pickers do not make a healthy profit over the long run. It's ok to be confident, but the evidence is stacked against your chances
• Do some sums to model your expected expenses in retirement vs. what you currently have and what you need, create a portfolio mix that looks likely to return the money you need over the time you have, start investing it.
• As you're aware, your current provision will be nowhere near enough, what a rotten shame re. some of your last pension going walkies :eek:

dunstonh

I had most of my first pension stolen when my employer went bust,

The pension and the employer are separate. Just because an employer goes under, does not mean the pension does. If it was money purchase, then its unlikely the employer had any influence over it. If it was defined benefit, then the pension protection fund is usually involved (your age would not suggest it is a pre-PPF case but is possible if you were very young at the time).

To exit the plan with maximum profits Can I sell instantly when my units are at a high, or is there a delay on moving to cash?

Only if the provider has a cash/deposit fund and they may only take written instructions.

gadgetmind

dunstonh wrote: »

If it was money purchase, then its unlikely the employer had any influence over it.

And it's also unlikely that they were up-to-date sending the contributions to the pensions company, even the employee ones.

kidmugsy

The OP should understand that so many posters write hysterical, intemperate rubbish on this forum that there is a natural scepticism among the regular readers when someone claims his pension was "stolen". Some posters are quite capable of using that expression to describe minor disappointments. So please don't take the scepticism as an insult directed at you.