Unused pension pot £1500 - what to do?

adamditz

So, I am 30 years old - I have a pension with my current employer, final salary - paying the maximum in allowed, employer matched etc etc, happy with the pension I have. 

I also have, from my previous employer a standard life pension. Very small, £1500 ish... I have tried on 3 occasions now to transfer it in to my current pension, but due to both my current and the previous pensions being incredibly unhelpful/unwilling to work witheachother I have pretty much written this off as impossible. 

Short of waiting until I’m 55 to claim my 1500 quid (and not wanting to forget about it) is there anything useful/productive I can do with this? Ideally I’d like to just take the money out even if it’s for a loss I may aswell just have it and draw a line under it,  but not sure that’s possible. Any advice appreciated! 

Dox

You're right - you can't just 'take it out' at your tender age!

If your current scheme is prepared to accept a transfer in, and that's what you want to do, then press for ensuring it gets done - and keep pressing. Get yourself some free help if you need it: https://www.pensionsadvisoryservice.org.uk/contacting-us

Otherwise provided you can remember where it is (and keep SL updated with any changes of address), there's no urgency to do anything, if the charges are comparable with other personal pensions. What are the charges?

dunstonh

is there anything useful/productive I can do with this?

retirement planning and puttting money aside for retirement is productive.

Ideally I’d like to just take the money out even if it’s for a loss I may aswell just have it and draw a line under it,  but not sure that’s possible.

That is not productive.   

Either keep it where it is or move it into your other pension.

I have tried on 3 occasions now to transfer it in to my current pension, but due to both my current and the previous pensions being incredibly unhelpful/unwilling to work witheachother I have pretty much written this off as impossible.

It may be impossible.  Some defined benefit schemes won't take pension transfers in.  Others will only do so within a limited period (often first 12 months of employment).  The existing scheme wont be a blocker as the instruction to transfer comes from the receiving scheme.

Many people use an individual scheme on top of the defined benefit scheme to boost their retirement planning.

final salary - paying the maximum in allowed, employer matched etc etc, happy with the pension I have.

Are you sure its a final salary scheme?   You dont pay in the maximum allowed with an FS scheme.  You also dont get matched contributions.