Frozen Pension. What to DO?

SteevieG8

Hi,
I have a frozen with profits pension with prudential. The current transfer value is almost £20k. I am 52 and also have a final salary pension with my current employer.
I am not sure whether I can transfer into my current final salary pension or not but I will find out.
I am wondering if I should just leave the frozen prudential pension alone or if there is any benefit financially by transferring into the final salary one?

I am also thinking of putting more money into one account or the other and don't know which one would have the best return on retirement.
Can anyone steer me in the right direction?

GDB2222

You need to find out from both providers what are the terms on offer for the various transactions you want to make. That will almost certainly rule out almost all the options. Once you have *a lot* more info, please ask again.

dunstonh

I have a frozen with profits pension with prudential.

no you dont. It wont be frozen.

I am wondering if I should just leave the frozen prudential pension alone or if there is any benefit financially by transferring into the final salary one?

It would need a cost benefits analysis to see which is best. There is no rule of thumb here.

I am also thinking of putting more money into one account or the other and don't know which one would have the best return on retirement.

Most legacy Pru pensions are now closed. Although a few do allow top ups. But modern plans are nearly always cheaper.

Info is a bit light to give you any more.

SteevieG8

Thanks for the responses guys. Would I just need to speak to my current pension provider or both? Just wondering how I get the cost benefits analysis from.

dunstonh

Would I just need to speak to my current pension provider or both?

You would need information on the existing plan. The work scheme will need information before they supply figures. Then you will compare the two.

Just wondering how I get the cost benefits analysis from.

You either do it yourself or you pay an IFA to do it.

GDB2222

I'd get all the figures together, then ask again here.

You want to know things like what your work pension scheme offers in the way of AVCs. They can give you a quote for a transfer-in of the Prudential policy.

An IFA is likely to charge quite a lot, which is fair enough as there's a lot to look at. If you do the leg work that may keep costs down.