PRIVATE PENSION FROZEN ADVICE

Marcon

shannianni said:

I mean I receive a statement each year of them all

In that case they are likely to be defined contribution (as opposed to defined benefit) schemes, and your funds will continue to grow between now and the time you draw your benefits, so happily not frozen.

xylophone

You are no longer employed?  You are no longer contributing to any pension?
How old are you?
If the pensions are all DC, do any of them have safeguarded benefits, perhaps a Guaranteed Annuity Rate?

shannianni

Hi I'm employed but not in the works pension and I'm 53

ffacoffipawb

shannianni said:

Hi I'm employed but not in the works pension and I'm 53

Why not? 

As you are foregoing free money.

dunstonh

shannianni said:

Hi I'm employed but not in the works pension and I'm 53

A lot of pension providers will not accept business from someone who has opted out of auto-enrollment.   

In the vast majority of cases, opting out of your workplace pension is one of the worst financial decisions of your life.

shannianni

ffacoffipawb said:

shannianni said:

Hi I'm employed but not in the works pension and I'm 53

Why not? 

As you are foregoing free money.

I was paying in 90 a month and they was paying 30, I couldn't afford 90 a month and they said that's what you have to pay so I left. 

shannianni

Also the company changed hands and I was tupe, 'd

xylophone

Also the company changed hands and I was tupe, 'd

What difference did that make to your pension scheme/your  membership of the scheme?

If you are likely to be employed for another thirteen years or so you are giving up a lot of free money by not being in the scheme.

Which scheme does your employer offer?

shannianni

I couldn't afford 90 a month as per the above

NottinghamKnight

shannianni said:

I couldn't afford 90 a month as per the above

Have you done a budget. statement of affairs - it's very probable that you could find significant savings that would free up the necessary money, even that level of contribution isn't going to give a large pension but it's a start and a lot better than nothing.