What are the options?

Lexxi

Can anyone help/advise?
I had a local govenrment company pension for around 4 years and I think there is around £16,000 in it. I left the company in April and I've done nothing with the pension since. I don't want the money to get eaten up in admin fees but I don't really know what my options are as I haven't got a clue about pensions, it was only because someone saw my wage slip and asked about my pension I knew I had one!
I'm not really in a position to be paying much into a pension at the moment but I'm only 20 so it's not really a high priority, ideally I'd like the money or what I've paid in but don't know if that's possible.

What things do I need to know if I move it or what do i need to know about the current pension? I tried asking the advisor at my bank but the info was a bit technical.

Sorry if this seems really obvious I really do know almost nothing about pensions.

Thanks

dunstonh

I don't want the money to get eaten up in admin fees

What admin fees are you referring to?

ideally I'd like the money or what I've paid in but don't know if that's possible.

Its not possible. Mainly as the bulk of the pension hasnt come from your money but from employer contributions and tax relief.

What things do I need to know if I move it or what do i need to know about the current pension? I tried asking the advisor at my bank but the info was a bit technical.

The insurance rep at the bank isnt qualified or licensed to give advice on occupational pension transfers so it wouldnt be any use talking to them (it isnt on any subject but especially this one).

Chances are its best left where it is if its the final salary LGPS scheme. If its a money purchase scheme then transferring it to a SIPP or personal pension may be an option if you want different investment options. However, if you are clueless on investments, you are best leaving alone.

seven-day-weekend

If it is the Local Government Pension Scheme then it is index-linked and will continue to rise in value until you can draw it.

The Local Government Pension Scheme is excellent. I agree with Dunstonh that it is best left where it is.

The best people to ask about it are the Pensions Department at the Council you worked for, who should be able to tell you all about it.