Frozen pensions

Marcon

dunstonh said:

Do people not get tired of being all high and mighty correcting people about 'frozen' pensions? 

They know what they mean, you know what they mean, every single popular financial/pensions website uses this term where people then use it too,  what's the point 

In the OPs case it is unclear whether frozen is being used correctly or incorrectly. 

Just because some websites incorrectly use the phrase "frozen" doesn't make them right.

Given OP's age, it's easy enough to work out which it is!

Times change and move on; you need to move with them...

Tommyjw

xylophone said:

 you know what they mean

I'm afraid I don't - assumptions are dangerous?

Pensionbee, moneyhelper, etc etc etc all use frozen as a term for not being contributed to.

You know who uses the term frozen to mean literally a non-increasing pension against all logic of what pensions have been since .. what... 1985?. Forum posters replying to someone asking a question.  Nobody else. 

westv

At the risk of adding yet another post irrelevant to the original question, in my mind "frozen" implies a pension that remains unchanged in value irrelevant to any "official" meaning. Why any website would use the term generally, I have no idea.

dunstonh

westv said:

At the risk of adding yet another post irrelevant to the original question, in my mind "frozen" implies a pension that remains unchanged in value irrelevant to any "official" meaning. Why any website would use the term generally, I have no idea.

The old term for no longer paying into a DC pension was "paid up." To be fair, that doesn't really fit modern plans either, as they can be stopped/started/increased/decreased/ad hoc, etc. Old ones were rigid in contributions and would be paid up to a point, sometimes needing back payments to allow them to restart at a later date. So, neither "paid up" nor "frozen" is an accurate or sensible term to describe a modern DC pension with no regular contribution. 

Sarahspangles

I remember people saying that they had a pension that was 'paid up' more than I do references to pensions being frozen.

twitchy

Just worked out it would take me into the higher tax bracket by a small amount.
Thanks.

Albermarle

Tommyjw said:

xylophone said:

 you know what they mean

I'm afraid I don't - assumptions are dangerous?

Pensionbee, moneyhelper, etc etc etc all use frozen as a term for not being contributed to.

You know who uses the term frozen to mean literally a non-increasing pension against all logic of what pensions have been since .. what... 1985?. Forum posters replying to someone asking a question.  Nobody else. 

Well we have had posters on here asking why their frozen pension is still being charged fees by the provider,, and it later turns out they are totally unaware that their pension has remained invested in the financial markets, and going up and down for the last X number of years, as they thought it was frozen.

Putting aside the 'frozen' issue, you have to be aware that many new posters ( like the majority of the public), are completely ignorant and/or totally confused/labouring under multiple misapprehensions about the whole world of personal finance and pensions. Many have no idea about the difference between DB and DC pensions, and many are unaware that their DC pension contains investments, or what they are. 
So some clarification of terms is sometimes necessary to make any headway in trying to help them.

Scarum

I actually wondered if OP worked for British Antarctic Survey 🤷‍♀️