Lost - Guardian Choices Pension

belfastjj_2

Ok my own fault - nearly 20yrs ago when i was young i was persuaded to join a pension - ive never really increased it or looked at.


Now that i'm older its dawned on me what am i going to do.


Here is were i am - the Value of my Choices units in April 14 was £29,000 - £11,000 in Voluntary units & £18,000 in protected rights units.

Choices is now closing to new customers and i cant increase my monthly payments.

So my questions are is followed

Do i keep on paying ?

Do i transfer my pension ?

Do i start a new pension or an investment - i can only really afford £50per month ?

Thanks for any help.

atush

Well you really should try and find more than 50m if you can, do a spending diary and MSE all your outgoings. Cut out any waste/slack? 29K does not a comfortable retirement make?

what about your employer- dont they offer a pension? If so, join it today.

I would look at the performance of the pension and see if you are happy with how it has done, and ask if there are any guarantees attached to the protected rights part. If there are and you are happy, pay in. If there aren't and you a re not, find another pension and transfer to it or you can leave it and put new money into the new pension.

xylophone

Is this your only private pension provision?

State pension information here https://www.gov.uk/new-state-pension/overview

Protected rights are no more - they are just ordinary pension rights.

If the old pension is expensive in terms of charges, you might consider a transfer - with modest contributions, a stakeholder might suit.

http://www.cavendishonline.co.uk/pensions/stakeholder-and-personal-pensions/friends-provident/

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

belfastjj_2

Yes thats my only pension - no employer hasnt offered a pension.

xylophone

Yes thats my only pension - no employer hasn't offered a pension.

See https://www.gov.uk/workplace-pensions

When will your employer offer a pension?

atush

They will have to soon. So check.

In t he meantime, get contributing?