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Can I transfer old pension to new nest pension?
cassandra365
Posts: 16 Forumite
I've trawled through some of the forum and got more confused, so please forgive me if the answers already on here somewhere!😁
I'm 51 and started a private pension with Pearl about 30yrs ago. After only a year I changed jobs, couldn't afford to keep it, so cancelled it and forgot about it. However, a couple of years ago Phoenix life tracked me down, as I'd contracted out of SERPS I was surprised to find the tiny amount I'd paid in was now worth thousands. I've never had another pension until my current employer enrolled me into the Nest workplace pension a year or so ago. I'm aiming to retire at 60 and I don't know what to do with my original pension, when I spoke to Phoenix Life they just confused me.
I've recently received my annual statement from PL, as SERPS has ended the amount in my pot is just sitting there, but I don't understand the figures.
As at 5/4/17 my guaranteed pension fund at 60 is £7264.
Payment on death (not guaranteed) is £15,166 and transfer value was £15152.
Please could someone shed some light on this for me?
Thank you!🤔
I'm 51 and started a private pension with Pearl about 30yrs ago. After only a year I changed jobs, couldn't afford to keep it, so cancelled it and forgot about it. However, a couple of years ago Phoenix life tracked me down, as I'd contracted out of SERPS I was surprised to find the tiny amount I'd paid in was now worth thousands. I've never had another pension until my current employer enrolled me into the Nest workplace pension a year or so ago. I'm aiming to retire at 60 and I don't know what to do with my original pension, when I spoke to Phoenix Life they just confused me.
I've recently received my annual statement from PL, as SERPS has ended the amount in my pot is just sitting there, but I don't understand the figures.
As at 5/4/17 my guaranteed pension fund at 60 is £7264.
Payment on death (not guaranteed) is £15,166 and transfer value was £15152.
Please could someone shed some light on this for me?
Thank you!🤔
0
Comments
-
https://www.nestpensions.org.uk/schemeweb/NestWeb/public/members/contents/transferring-your-pension-pot.html
may be of interest.
Have you obtained a state pension statement?
https://www.gov.uk/check-state-pension0 -
And you could book an appointment with Pension Wise to discuss options.https://www.pensionwise.gov.uk/en0
-
Thanks for replying,
I'm just really confused about the differing values.
It looks like I can transfer old pot.
I didn't know about the pensionwise service so I think I'll speak to them.
Thanks again:)0
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