Help with Pension claimback/transfer

pinkbuttdragon

Hi

I posted this question over on a different board as I couldn't find a specific board and was redirected over here by a nice poster over there.

Not sure if I am putting this in the right place.

My hubby was working for a large company having started as agency and then getting a 2 year fixed term contract last year. In October this year he was called in and give 8 weeks notice telling him they were cancelling the contract as they were making changes. He has now got a letter from pensions plan telling him he has x amount in the pension plan, which he only took out because of the length fixed term contract and that if he doesn't transfer it by a certain date then he will lose it and he can't have it in a cash sum.

My query is can they do this considering he is not in employment that has a pension plan as he is temping? It's a considerable amount of money that they are saying he can't have back.

Answers from the other thread were transfer to a personal pension plan but if he does this does he then have to contribute monthly??? He does have a pension from a previous employment from which he was made redundant, can it be transferred into that?

Thanks and sorry for the waffling

jem16

pinkbuttdragon wrote: »

Hi

I posted this question over on a different board as I couldn't find a specific board and was redirected over here by a nice poster over there.

Not sure if I am putting this in the right place.

My hubby was working for a large company having started as agency and then getting a 2 year fixed term contract last year. In October this year he was called in and give 8 weeks notice telling him they were cancelling the contract as they were making changes. He has now got a letter from pensions plan telling him he has x amount in the pension plan, which he only took out because of the length fixed term contract and that if he doesn't transfer it by a certain date then he will lose it and he can't have it in a cash sum.

My query is can they do this considering he is not in employment that has a pension plan as he is temping? It's a considerable amount of money that they are saying he can't have back.

Answers from the other thread were transfer to a personal pension plan but if he does this does he then have to contribute monthly??? He does have a pension from a previous employment from which he was made redundant, can it be transferred into that?

Thanks and sorry for the waffling

Link to other thread;

https://forums.moneysavingexpert.com/discussion/comment/67474988#Comment_67474988

What you have been told there is correct. The scheme's rules will decide what can or cannot be done with the pension. What was the name of the pension scheme?

You would be much better off taking the transfer route even if you were offered a refund as the amount you get back will be far less as you will lose the employer's contributions as well as tax.

It would be very unlikely that he could use the pension from a previous employment but it may depend on what it is.

Find a simple pension from somewhere like Cavendish Online - he doesn't have to continue making payments into it.

xylophone

Transfer to a stakeholder and then he can stop/start/transfer in the future?

http://www.cavendishonline.co.uk/pensions/stakeholder-pensions/