Deferred Member Query

Whiterose23

I am a deferred member of a Kingfisher defined contribution pension scheme from around ten years ago. It is a small amount now passed to, and run by Legal & General. Would I be able to start making new contributions to it even though I'm no longer employed by Kingfisher? (I am intending to call them but thought there might be an obvious answer).
Thanks

xylophone

https://forums.moneysavingexpert.com/discussion/6028350/pension-advice-evaluation&page=2

You decided against a transfer into your current Aviva Pension?

https://www.kingfisherpensions.com/left-scheme/money-purchase-deferred-benefits/

Do you now have an individual policy as mentioned in the above?

There is no indication that additional contributions would be allowed but you would have to check with L&G.

Presumably your is not one of the pensions affected by the transfer from L&G to Reassure?

Brynsam

There isn't an obvious answer without knowing the type of policy you now have - so yes, giving them a ring is the best bet.

Linton

It will depend on the scheme but in most cases you wont be able to pay into an iold employers scheme. The company will be paying for and possibly running a specific service for current employees. There is no reason for them to pay for or take on the hassle of administering work done on behalf of deferred members.


One way of handling the situation is to transfer the old employers pension to a personal pension of some form. You will probably get a much better choice of funds. Or you could look into transfering the old pension to your current employers scheme as your current employer would be more motivated to help you. This could well be the cheapest option as pension adminiistration may be subsidised by the employer and/or the employer could get special deals from the fund provider..

Albermarle

It will depend on the scheme but in most cases you wont be able to pay into an iold employers scheme

Yes it will depend on the scheme but my experience is that has been no problem contributing to ex employer schemes .
They were all 'Group Personal Pensions' and in this case you can treat them as your own personal pension after you leave the employer.

Whiterose23

xylophone wrote: »

You decided against a transfer into your current Aviva Pension?

https://www.kingfisherpensions.com/left-scheme/money-purchase-deferred-benefits/

Do you now have an individual policy as mentioned in the above?

There is no indication that additional contributions would be allowed but you would have to check with L&G..

Presumably your is not one of the pensions affected by the transfer from L&G to Reassure?

I'm not sure about the last paragraph; all I know is Kingfisher offloads deferred pensions to L&G after a period of time.

Thanks all, I'm still looking at my options and thought maybe I could leave it where it is and contribute myself. Seeing as L&G are already managing it and charging fees then would it give them a great deal more to do if I took this option?

I'll call and see but thanks everyone

xylophone

all I know is Kingfisher offloads deferred pensions to L&G after a period of time.

Covered in link in post above.

Whiterose23

Thanks I have read it before; I'll just have to call them and find out my options. I thought maybe there was a general rule out this type of pension.

Albermarle

.

Seeing as L&G are already managing it and charging fees then would it give them a great deal more to do if I took this option?

It is worth you being aware that L&G seem to be losing interest in continuing to be a pension provider .
There is no danger of losing your money , or anything like that , only that you will probably end up being transferred again .