old pension

adamcarvell

what to do with an old argos pension my friend says i should move it to a drawdown scheme i asked for transfer value came yesterday it was £77288
or £2214 per annum. im 54 years old working in the NHS 55 next may.

Dazed_and_C0nfused

Is that £2214 payable at 55 or the value at say age 60/65?

Is there a lump sum as well from Argos or just £2214?

Albermarle

what to do with an old argos pension my friend says i should move it to a drawdown scheme 

Are you aware that transferring from defined benefit/final salary scheme to a defined contribution /drawdown is not an easy process and expensive .

How would you manage the drawdown , do you have experience in managing investments ?

adamcarvell

no experience have no idea what to do the £2214 is at 65 i think 

dunstonh

my friend says i should move it to a drawdown scheme i asked for transfer value came yesterday it was £77288

Did your friend analyse the pension before telling you that?   Did they check to see if it was the old defined benefit scheme or the defined contribution scheme?    

Drawdown schemes are largely obsolete nowadays.    Virtually all SIPPs and most modern personal pensions can do drawdown and the need for a drawdown scheme is not required any more.

no experience have no idea what to do the £2214 is at 65 i think 

When was that last updated?

adamcarvell

dunstonh said:

my friend says i should move it to a drawdown scheme i asked for transfer value came yesterday it was £77288

Did your friend analyse the pension before telling you that?   Did they check to see if it was the old defined benefit scheme or the defined contribution scheme?    

Drawdown schemes are largely obsolete nowadays.    Virtually all SIPPs and most modern personal pensions can do drawdown and the need for a drawdown scheme is not required any more.

no experience have no idea what to do the £2214 is at 65 i think 

When was that last updated?

updated recently  and i think its a defined benefit one from 1993 i was there about 7 years

adamcarvell

his theory is that if you take it out its yours or wife's if i die where as leave it in Argos if you die then its gone .

xylophone

Have you obtained a state pension forecast?  Has your wife?
https://www.gov.uk/check-state-pension

Do you have a statement of deferred benefits from when you left showing
pre 88 GMP
post 88 GMP
Excess

Are you receiving an annual statement from the scheme administrator?

The Argos Pension Scheme has merged with the Sainsbury Pension Scheme.

https://www.yumpu.com/en/document/read/38784129/final-salary-section-sainsburys-pensions-website

https://www.jspensions.co.uk/SPS-argos/thinking-about-transferring-your-pension/

greatkingrat

adamcarvell said:

his theory is that if you take it out its yours or wife's if i die where as leave it in Argos if you die then its gone .

On the other hand, you might live to 90 or more in which case you will almost certainly have been far better off staying in your existing scheme.

adamcarvell

xylophone said:

Have you obtained a state pension forecast?  Has your wife?
https://www.gov.uk/check-state-pension

Do you have a statement of deferred benefits from when you left showing
pre 88 GMP
post 88 GMP
Excess

Are you receiving an annual statement from the scheme administrator?

The Argos Pension Scheme has merged with the Sainsbury Pension Scheme.

https://www.yumpu.com/en/document/read/38784129/final-salary-section-sainsburys-pensions-website

https://www.jspensions.co.uk/SPS-argos/thinking-about-transferring-your-pension/

element says
post 88 GMP £169.52
pre 97 excess £622.40
post 97 pension £257

have got full national insurance contributions 

adamcarvell

wife's pension is the state plus small one she contributing to now and not a lot.