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Dormant Pension!
Tokyo_8
Posts: 31 Forumite
I have just found I have an old works pension that is worth£17.5k
I haven't a clue how I should handle it - any suggestions to help educate me - please!
I haven't a clue how I should handle it - any suggestions to help educate me - please!
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Comments
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Your can leave it where it is - there's no major problem in having lots of pensions. Alternatively you can probably transfer it elsewhere, perhaps into your current employers pension. Which is best depends on the details - eg any guarantees that you would lose if you transferred? charges now and if you transferred? range of funds?0
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Is this a deferred DB/Final Salary pension for which you have obtained a CETV?0
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To be honest I haven't a clue!
It's a pension that was provided by a previous employer
since left the company and became self employed.
Started to try and get life togethor and have just found these
details - not sure what to do. As it stands I have no other pension in place
just savings and isa's
Is this all to vague to get any advice?0 -
It sounds like a defined benefits pension. If it is, leave it alone as it will offer a Guaranteed Minimum Pension (GMP) on retirement which will be worth far more than 17K IMO.
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Pensions cannot go dormant. That is a term that applies to bank accounts.
Contact the administrator and request and updated statement of benefits.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 -
Dormant as no contributions have been paid in for over 10 years!
It would be deferred or paid up depending on the type of question.
Just what you need for Friday afternoon - tech talk 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 -
Cyberman60 wrote: »It sounds like a defined benefits pension. If it is, leave it alone as it will offer a Guaranteed Minimum Pension (GMP) on retirement which will be worth far more than 17K IMO.
How could I find this out?
I contacted them and changed it from a worksplace pension
to a personal pension?!?! Standard Life.
Is there anyway I could predicts it's worth for 20 years?0 -
Where did you get the valuation from?
As suggested best option is to contact them and ask for updated statement and any scheme booklets etc.
Armed with that you should be able to get more specific advice on here if necessary.
Nice little bonus however.0 -
Where did you get the valuation from?
As suggested best option is to contact them and ask for updated statement and any scheme booklets etc.
Armed with that you should be able to get more specific advice on here if necessary.
Nice little bonus however.
Standard Life!
I have asked for info, I'll be back here with more questions/advice
Many thanks to all responses - much appreciated!0
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