MSE News: New pension freedom means it pays to know when you'll die

jamesd

Both are defined - either benefits or contributions being defined. But this is clearly defined [STRIKE]benefit[/STRIKE] contribution. The girl is right that you'd need to transfer if you want to get the money. It's not really normal to see lots of companies saying a lot about free transfers in because free transfers in is a standard feature, available from most companies. A charge for transferring out is quite common.

It'll usually take a few weeks for a transfer from the time the paperwork is received. This is a busy time of year so more time might be taken.

jem16

jamesd wrote: »

Both are defined - either benefits or contributions being defined. But this is clearly defined benefit.

A typo? Seems to me to be clearly Defined Contribution.

jamesd

Thanks, you're right, I meant contribution, not benefit.

MaxwellTat

jamesd wrote: »

Thanks, you're right, I meant contribution, not benefit.

so thanks for the advice so what do you do then just ring a company up and tell them you have a pension and you want to transfer it to them and they just do it? I take it?

jamesd

They will want to send you a fairly simple form to complete. Send that off and a few weeks later all should be done.

littlemissbossy

I'd like to ask a question regarding the pension changes.

My pension pot is approx 55k, so when I'm 55 I can take 25% tax free and then I could possibly take (if not working) approx 10k a year depending on my tax free allowance tax free.

Seems quite straightforward... have I missed something?

jem16

littlemissbossy wrote: »

Seems quite straightforward... have I missed something?

No you haven't.