What to do with a newly discovered but tiny private pension?

stripling

Out of the blue I received a letter from Now Pensions telling me to 'log on' to their website and check my statement. 
I have never heard from them before, I never gave them my address.

My statement says there's £175 in the account, but there's no information as to how I can get it or what to do with it. Now Pensions have helped themselves to £25 a year for 'handling' (3% + a random figure so it appears). 

This will have come from a media company I worked for that was forced into paying a pension just before I left in 2013. Up until then they deliberately kept employee numbers below the amount to be classified as a business big enough to contribute.

The statements only go back to 2019.  If I had known the money was there I would've removed/transferred it.  I am now one year past retirement age. Now Pensions suggest an 'annuity' to earn £8 per year. Obviously, that's a waste of space but.... 

What can I do to retrieve this money? 

xylophone

What can I do to retrieve this money? 

Why can't you take it out in its entirety? It's certainly a small pot?

flaneurs_lobster

Go here

https://www.contactpensionsadmin.com/nowpensions

Fill in form. Tell them "I want my money". They will send you an extraordinary pile of stuff (probably called a "Retirement Pack") and insist you talk to Pensionwise. 

Fill in the forms, return, wait 3 months, cash cheque.

ian16527

If you have another DC pension you could also transfer it. May be less paperwork although I doubt it

stripling

xylophone said:

What can I do to retrieve this money? 

Why can't you take it out in its entirety? It's certainly a small pot?

I know.. I should be able to but as @flaneurs_lobster says further down, it seems there's going to be a huge amount of bureaucracy and nonsense. 

stripling

flaneurs_lobster said:

Go here

https://www.contactpensionsadmin.com/nowpensions

Fill in form. Tell them "I want my money". They will send you an extraordinary pile of stuff (probably called a "Retirement Pack") and insist you talk to Pensionwise. 

Fill in the forms, return, wait 3 months, cash cheque.

Thank you for this, it is appreciated. I hope they don't charge more "admin" fees. 

LHW99

Make sure you use the term "small pot", particularly if you are still earning / contributing to a pension as then you are not limited by the MPAA going forward.

molerat

Do you not play the £2880 in £3600 out SIPP game every year ?  You could transfer it into that.

stripling

molerat said:

Do you not play the £2880 in £3600 out SIPP game every year ?  You could transfer it into that.

I didn't know about it. For a fair part of my life pensions were a mystery. I remember sitting on the floor of a library trying to read up about them and not 'getting it' - the books were dry and riddled with jargon (pre-internet obviously). 

stripling

LHW99 said:

Make sure you use the term "small pot", particularly if you are still earning / contributing to a pension as then you are not limited by the MPAA going forward.

Thanks - words matter - very helpful. 

Ciprico

Not all companies allow small pots. Not relevant here but was surprised to find out today that vanguard do not....