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Moving workplace pension and starting private pension
aszu77
Posts: 4 Newbie
Hi,
I have workplace pension of approximately £1500. I will be changing jobs shortly and would like to start saving much more - paying around £200 into pension a month.
What would be the best thing to do? Opening private pension with on of the providers, like Aviva or Pru?moving existing, small, pot over there?
I have workplace pension of approximately £1500. I will be changing jobs shortly and would like to start saving much more - paying around £200 into pension a month.
What would be the best thing to do? Opening private pension with on of the providers, like Aviva or Pru?moving existing, small, pot over there?
0
Comments
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Probably your new employer will also offer a pension.
So join that scheme . If you stay there then you will probably be able to transfer the £150o into that.
Most likely no need to complicate things by opening a new seperate pension.0 -
I thought of doing that, but what if they don’t allow additional voluntary contribution? Would that be possible? Or would I be allowed to pay as much as I want or does that depend on firm/pension?0
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I thought of doing that, but what if they don’t allow additional voluntary contribution? Would that be possible? Or would I be allowed to pay as much as I want or does that depend on firm/pension?
Investigate whether a transfer in would be permitted.
Are you going to a company offering a defined benefit scheme or a defined contribution scheme?0 -
I’d love to go for DB pension, but afaik it is just defined contribution scheme0
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but what if they don’t allow additional voluntary contribution?
If the new employer has a defined contribution scheme, then its unlikely they will offer an AVC. In most cases (but not all) they will allow you to make personal contributions into the main scheme as there is no need to have an AVC running alongside. However, there are exceptions.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
So do you reckon, that I shouldn’t start any new pension but just stick to workplace one and if it’s possible contribute as much as I could (and want)?0
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So do you reckon, that I shouldn’t start any new pension but just stick to workplace one and if it’s possible contribute as much as I could (and want)? [/QUOTE
Most likely this is the best idea . When you start your new job they should supply you with info on the pension, then you can see exactly what the rules are and which provider it is .0
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