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Redemption of private contributions?
jessiebubble
Posts: 34 Forumite
I paid into a PRU pension scheme for around 10 months in 2005. I paid in (With my employer) around £350 per month. It seems a waste to leave that Money just sitting there. Is there any way I can get them to give it back to me?
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Comments
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How old are you - if under 55 your only option is to transfer it to another pension or leave it where it is. The money is not just sitting there, it is invested in a tax efficient scheme and growing.0
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It seems a waste to leave that Money just sitting there.
Why is it a waste?
Its tax free. Its earning more than a bank or building society account by some way.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 -
Thanks guys. I am under 55 so looks like I'll have to leave it there. It just seemed strange to have such a small amount sitting there. Can I transfer into an ISA?0
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jessiebubble wrote: »Can I transfer into an ISA?
No but you can transfer it into another pension.0 -
jessiebubble wrote: »Thanks guys. I am under 55 so looks like I'll have to leave it there. It just seemed strange to have such a small amount sitting there. Can I transfer into an ISA?
No, but you can transfer to another provider.
Most pensions allow you to hold the same investments as isas so you could manage it in the same way.0 -
Can I transfer into an ISA?
Pensions are more tax free than an ISA. So, why would you want to transfer it into an ISA?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
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