Small standard life pension - options before retirement?

adamditz

Hi all,

I have a pension from my previous employer with standard life - worth hardly nothing, £1200 odd. 

I am now in a final salary pension; and I have tried 3 times now to transfer the small amount in to it, but both parties have made it such an utter nightmare, one can’t provide information the other wants etc etc I have given up each time. 

Ideally I’d just take the money out of it and close it down, but seeing as I’m nowhere near retirement age I’m aware I can’t do that. What can I do with it if anything? I feel that such a small amount will just be a hinderance/something else to keep track of come retirement age. Any advice of great ideas greatly appreciated! 

Cheers

Rich1976

You could transfer it to another provider and leave it to grow, and pay contributions into it monthly or adhoc or leave it where it is and do the same.

unless you are at least 55 you won’t be able to withdraw it .

Marcon

adamditz said:

Hi all,

I have a pension from my previous employer with standard life - worth hardly nothing, £1200 odd. 

I am now in a final salary pension; and I have tried 3 times now to transfer the small amount in to it, but both parties have made it such an utter nightmare, one can’t provide information the other wants etc etc I have given up each time. 

Ideally I’d just take the money out of it and close it down, but seeing as I’m nowhere near retirement age I’m aware I can’t do that. What can I do with it if anything? I feel that such a small amount will just be a hinderance/something else to keep track of come retirement age. Any advice of great ideas greatly appreciated! 

Cheers

Same question as a couple of years ago, and the suggestions there still hold good: https://forums.moneysavingexpert.com/discussion/6135578/unused-pension-pot-1500-what-to-do#latest

Did you ever establish whether or not you are currently in a DB scheme?

Far from being a 'hindrance' in later life you might find your current little SL pension gives you some flexibility that you might well value, especially if you want to add to your pension savings outside your workplace scheme.

adamditz

Marcon said:

adamditz said:

Hi all,

I have a pension from my previous employer with standard life - worth hardly nothing, £1200 odd. 

I am now in a final salary pension; and I have tried 3 times now to transfer the small amount in to it, but both parties have made it such an utter nightmare, one can’t provide information the other wants etc etc I have given up each time. 

Ideally I’d just take the money out of it and close it down, but seeing as I’m nowhere near retirement age I’m aware I can’t do that. What can I do with it if anything? I feel that such a small amount will just be a hinderance/something else to keep track of come retirement age. Any advice of great ideas greatly appreciated! 

Cheers

Same question as a couple of years ago, and the suggestions there still hold good: https://forums.moneysavingexpert.com/discussion/6135578/unused-pension-pot-1500-what-to-do#latest

Did you ever establish whether or not you are currently in a DB scheme?

Far from being a 'hindrance' in later life you might find your current little SL pension gives you some flexibility that you might well value, especially if you want to add to your pension savings outside your workplace scheme.

Wow, I am an idiot! I had completely forgotten I’d posted that, and also
somehow forgot the replies!! Forgive me - hard couple of years 😂

ignore me!