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How does pension work?
Comments
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I have a final Salary Pension with my current Employer but also three smaller pensions with previous employers.
I am planning to combine the three into one and possibly add to it. If I do this is it possible to still receive tax relief on the total amount I put in ?
Any particular benefits in the different type of Pension ?
Thanks0 -
but also three smaller pensions with previous employers.
What kind of pensions?0 -
Unless you do it near to the start, you cant generally add old DC pensions on to new DB/final salary type pensions.0
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You can get tax relief on any new money you put in, you will not get it on money you transfer in from another pension.I have a final Salary Pension with my current Employer but also three smaller pensions with previous employers.
I am planning to combine the three into one and possibly add to it. If I do this is it possible to still receive tax relief on the total amount I put in ?
Any particular benefits in the different type of Pension ?
Thanks0 -
The three Pensions I would like to combine are The Buy out Policy, which was a Money Purchase Pension, value around £2000.
A Personal Pension Plan value £2000 and an APP value £22,000.
I also had an AVC which used up all it's value in costs !
Ideally I would like to combine these three and contribute toward a single pension, excluding my Employers scheme.0 -
The Buy out Policy, which was a Money Purchase Pension, value around £2000.
See post 15. Is there a GMP?0 -
No, there is no GMP. From what I can see my best option is transferring the three Pensions into a SIPP.
Hopefully I can then claim Tax relief on future payments. But which one ? ...0 -
0
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Hi, Yes. I was thinking the SIPP was the best way to go. Thanks for the link.0
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Thanks for all advice received, as of now I am considering two SIPP options.Hargreaves Landsdown which has an annual charge of 0.45% with no set up fee.
Or Standard Life which has higher charges but also has higher return.
I am struggling to find direct comparison, does anyone know where or how to compare ?
Thanks0
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