Contracted out pension maturing

dini_2

I have a small standard life with profits pension maturing next month. (on my 50th birthday)
(Its the contracted out payments, and comes to the grand total of 25k)
I'm not sure what is the best thing to do with it.
I have an NHS pension, (stopped in 2014 as I left the NHS) and have a stakeholder pension with Friends Life through my current employer for the last 3 yrs.
Do I leave it where it is, or transfer over? (Can I leave it where it is or will I need to invest in a new product?)
Clueless about pensions obviously.....
I will speak to an adviser, but would just like to have some ideas on what a sensible option would be.

dunstonh

I have a small standard life with profits pension maturing next month. (on my 50th birthday)

Does it have a protected scheme age to allow you to access it at 50?

The minimum age was increased to 55 from 50 back in 2010. There were a very small number of exceptions.

APPPs (the type of pension that received contracted out rebates) did not get protected retirement ages as until 2006, you were not allowed to receive the benefits from these until age 60.

I'm not sure what is the best thing to do with it.

If you dont need it, then don't take it. The scheme age is just an indicator and you are not held to it. A modern scheme may be an option if the old one can be improved upon.

dini_2

dunstonh wrote: »

Does it have a protected scheme age to allow you to access it at 50?
.

Not a clue, but I suppose I now know what I need to find out!
I don't want to take it out, even if I can. I'm on a good salary now, and much better at managing my money than in the past, so don't need it. I will see what I can find out.
If I can take it, It would be only to reinvest, so if they have a reasonable option Ill probably go with that.
Whats the best way to find a local adviser? Google??