Barnett Waddingham issue

doris540

The above have been named as the new administrator of my OH company pension. He was made redundant last Sept and had to claim everything from the government as the company folded. Hes received a letter saying they have took over from XPS who were the previous administrator. The old DB pension will go into the PPF once assessed which im told could take another 18 months. The DC scheme which replaced it is also took over by them. Our idea was to carry on contributing to the DC scheme even thou obviously the employer wont be and even possibly asking his new employer to pay his and their contributions into it. However they told me today that they cant accept any further contributions from any source into the DC scheme until such time a full assessment has been carried out and this could take 2 years. He can however if he wants transfer the DC  money to another scheme if he wanted. Hes got another pension pot with The Pru so looks like the only option is if he wants start paying any spare money into that. Just annoying that they wont accept anymore contributions for a long time if ever. Or another option is to start a SIPP 

dunstonh

 so looks like the only option is if he wants start paying any spare money into that.

Will the Pru pension accept it?  Many of their legacy plans stopped the ability for top ups.      This is not the only option.  Any individual retail pension could be used.

Just annoying that they wont accept anymore contributions for a long time if ever. 

Why would you want to pay into that scheme anyway?   

AlanP_2

In terms of admin and unpicking the whole thing with the ex-employer not taking any more contributions probably makes sense.

Why not just carry on contributing to the new employer's scheme whilst it is all sorted out, it doesn't sound like you need to be withdrawing from the pension at this stage?

Combining them once the dust settles for ease going forward from there on?

Marcon

OP - you might want to change the title of your first post, which is clearly wrong and unfair. It isn't a Barnett Waddingham issue at all.

If the DC section was a company arrangement, and it sounds as if it was (rather than a personal pension), it won't be able to accept contributions even after the assessment period has concluded. Your OH will get a pension set up in his own name with the DC bit of his pension moved to that.