Hmm, this pension thingy...

coolasacucumber

Good morning all,

I've been reviewing all of my finances recently, having a bit of a financial 'spring clean'.

I briefly worked for a company in '99/'00 as a teenager and started paying into a Standard Life pension scheme. It only lasted a few months before I moved jobs. Now, I'm self employed, and haven't made any payments since the year 2000.

As I moved house etc. a few times since, and as the amount that I paid into it was so small, I kind of just forgot about it during my 20's, but then got a nice surprise a few years ago when I looked into it again... It had grown quite substantially, and I got some Std Life shares to boot.

Coming onto today, I'm 33 and now thinking more seriously about doing something with it.

I've just logged on and have been looking through all the details, and to be honest I don't have a clue what to do! I've also been reading through the MSE pension advice pages.

I have a 'Group Personal Pension Plan', including a 'With Profits' option.

I'm guessing if I start paying into it a proportion of my payment will go to the Adviser who acted for the company that I used to work for?

Also, is there a simple way of just starting to pay into it?

With the end of the current tax year looming, I guess I should make a payment into it before 5th April?

If there is anything glaringly obvious that I've missed, please forgive me, I've come to learn!!

Thank you in advance with your assistance for my comfortable retirement

Linton

You are most unlikely to be able to make a payment into a Group Personal Pension Plan after you have left your employer. So I suggest you talk to an IFA or investigate for yourself setting up a Personal Pension or SIPP and paying into that. You would then also have the option of transferring in from the GPP. This may or may not be a good idea. Whether you have any chance of getting one setup and paying into it this tax year I dont know, but it seems a bit ambitious.

coolasacucumber

Linton - thanks. That's really useful, and exactly what I meant about me missing something obvious... It hadn't occurred to me that I wouldn't be able to pay into a GPP after leaving the employer.

Really, I'd like to avoid paying an IFA at the moment, as I'm sure for the amounts involved with my situation currently it doesn't warrant it.

Plus, I'm having so much fun reviewing info online...!

So basic answer is:- I'll need to open a new pension product, then decided whether to leave Std Life as it is, or transfer it in?

And yes, I agree getting one opened before Tuesday is probably pushing it!

xylophone

You are currently employed and in an employer's scheme?

mgdavid

xylophone wrote: »

You are currently employed and in an employer's scheme?

post #1, para 2:-
"Now, I'm self employed, and haven't made any payments since the year 2000."

d70cw6

I was part of Deloitte's standard life with profits fund when i worked with them. They transferred it into a private stakeholder fund under the same terms when i left.

coolasacucumber

I like the look of the Lifetime ISA, but I've got 12 months to find something else in the meantime...

Silian

There really is no rush. You have an annual allowance £40k (and you can also use previous years allowance). So do your research and do not rush into anything.