confused! two pensions are not allowed?

semore1972

got a bit of a problem. been remortgaging, spoke to an advisor and pensions came up. i've had a private one for 16 years which basically is c**p! been in a new job for 2 and a half years with a really good pension scheme. i'm in this as well, the advisor told me you can't do this and to transfer it onto my works pension or put it somewhere else. is this right? can't i have both? also reading through the forum i remembered a very long time ago i contracted out of serps, however i think i may have gone back in some time later but don't really know. how can i find out where i am with this? any help would be really appreciated. thanks.

jem16

No problem having two pensions. I contribute to my company pension and a private personal pension.

Not sure about the serps question but i'm sure someone will answer that.

dunstonh

Oh great, another adviser giving ammunition for Ed to fire at me

As Jem says, you can have as many pensions as you like as long as you dont exceed contribution limits overall.

If the individual is just a mortgage adviser, then they are not qualified or authorised to give advice on pensions (and you can see why). If the individual is an investments adviser and if it is an IFA then they really need putting out of their misery as that is such a basic bit of info they should know. If it is a tied agent, then they should know but their knowledge is generally lower than IFAs.

What ever they are they are wrong.

If you contracted out, the provider would send you a statement every year.

KittyVentura

As DunstonH says you can have more than one pension. On form as usual!

I'd suggest speaking to the provider you were contracted out with or calling the DWP (NICO) to find out where your S2P payments are currently going.

Working for a provider myself they should, as DunstonH says, be sending you a statement but this can vary from provider to provider and may culd have fallen down at any stages, such as if you moved address since taking the plan out.

semore1972

thanks for the help on the pension! since it doesn't seem to be really doing good i might transfer it to my works one or maybe to a better one. as for the serps i have moved house several times in the last 10 years so any statements would have gone astray. is there any way i can check with anyone or anything to find out if i am in or out of serps? thanks again for any help with this.

MissKittyVentura

Semore if you google DWP/NICO you should get a number. I vaguely recall it being something like 0845 9508950 ... Thats the area within the HMRC that deal with NI and they would know whether you are contracted in or out