Help needed

weimaranermerlin

My new employer are offering to pay £250/months into a pension of my choice (they are currently not offering a pension as standard) as part of our negotiations. I have accepted the job and they have no asked me who they should make the payment to and I was wondering if it is something I can sort out myself or I will have to see a financial advisor about?

The facts are as follows:

- I have an old pension which has been frozen for 2 years from a previous job with Capita which holds around £20k
- My employer will be paying directly into a pension fund of my choice. I won't be contributing anything at this stage.

Would it be more sensible to unfreeze the old pension fund and continue to make payments into that (if that is possible) or start a new one? Is it worth starting a new one with auto-enrolment just being around the corner?

Thanks in advance for your help.

dunstonh

Would it be more sensible to unfreeze the old pension fund and continue to make payments into that (if that is possible) or start a new one?

it wont be frozen. That has a specific meaning. It is unlikely you will be able to pay into a previous employer's occupational pension.

it worth starting a new one with auto-enrolment just being around the corner?

Its free money. £250pm is worth taking. its just a pain that you have to use an individual scheme as your employer isnt setting up auto-enrolment yet. Maybe its worth them setting it up early. After all, must be a small firm if they havent got one set up yet and their staging date cant be too far away.

xylophone

Do you mean that you have a deferred defined benefits pension from working for Capita?

When will your new company have to provide a pension scheme?

http://pension-auto-enrolment.uk/knowledge-centre-2/pension-auto-enrolment-staging-dates/

http://www.hl.co.uk/pensions/sipp/how-much-can-i-invest/employer-contributions may be worth a look.