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Moving maturing pension to new pension?
trickydicky14
Forumite Posts: 806
Forumite
Help please for the uninitiated,
My partner has a small pension with Royal London due to mature in August. My partner also has a small ongoing pension via her work with Nest.
Question, can she transfer her maturing pension into her Nest pension and if so, how does she go about it.
Thank you.
I choose the rooms that I live in with care,
The windows are small and the walls almost bare,
There's only one bed and there's only one prayer;
I listen all night for your step on the stair.
The windows are small and the walls almost bare,
There's only one bed and there's only one prayer;
I listen all night for your step on the stair.
0
Comments
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Question, can she transfer her maturing pension into her Nest pension and if so, how does she go about it.Pensions don't mature unless its a older plan and you get to age 74 and you need to take benefits or transfer out before age 75. If it is getting to the statement projection age (i.e. 60 or 65) then its not actually maturing. If the money isn't needed yet then just defer the age.
You can transfer one pension to another. However, you need to be careful you don't do it for the wrong reasons.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.1 -
https://www.nestpensions.org.uk/schemeweb/memberhelpcentre/transfers/transfer-money-into-nest.htmltrickydicky14 said:Help please for the uninitiated,
My partner has a small pension with Royal London due to mature in August. My partner also has a small ongoing pension via her work with Nest.
Question, can she transfer her maturing pension into her Nest pension and if so, how does she go about it.
Thank you.
Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!1 -
Thank you for your comments, what would you see as the 'wrong reasons'.dunstonh said:Question, can she transfer her maturing pension into her Nest pension and if so, how does she go about it.Pensions don't mature unless its a older plan and you get to age 74 and you need to take benefits or transfer out before age 75. If it is getting to the statement projection age (i.e. 60 or 65) then its not actually maturing. If the money isn't needed yet then just defer the age.
You can transfer one pension to another. However, you need to be careful you don't do it for the wrong reasons.I choose the rooms that I live in with care,
The windows are small and the walls almost bare,
There's only one bed and there's only one prayer;
I listen all night for your step on the stair.0 -
Thank you that is helpful.Marcon said:
https://www.nestpensions.org.uk/schemeweb/memberhelpcentre/transfers/transfer-money-into-nest.htmltrickydicky14 said:Help please for the uninitiated,
My partner has a small pension with Royal London due to mature in August. My partner also has a small ongoing pension via her work with Nest.
Question, can she transfer her maturing pension into her Nest pension and if so, how does she go about it.
Thank you.
I choose the rooms that I live in with care,
The windows are small and the walls almost bare,
There's only one bed and there's only one prayer;
I listen all night for your step on the stair.0 -
In simple terms the RL pension might be better/ may have some extra benefits.trickydicky14 said:
Thank you for your comments, what would you see as the 'wrong reasons'.dunstonh said:Question, can she transfer her maturing pension into her Nest pension and if so, how does she go about it.Pensions don't mature unless its a older plan and you get to age 74 and you need to take benefits or transfer out before age 75. If it is getting to the statement projection age (i.e. 60 or 65) then its not actually maturing. If the money isn't needed yet then just defer the age.
You can transfer one pension to another. However, you need to be careful you don't do it for the wrong reasons.
Although it can be tidier to have everything in one place, having two separate pensions is no big deal.1
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