What to do with a tiny maturing pension pot

itm2

My wife has an occupational pension worth the princely sum of £1,500 which is due to mature in a few months. She has a few other small occupational pensions, but no SIPP. She currently receives rental income from a flat which uses up all of her personal allowance.
Any good ideas for what to do with the cash when the policy matures?

dunstonh

My wife has an occupational pension worth the princely sum of £1,500 which is due to mature in a few months.

Unless she is coming up to 75, it's more likely that it's the current chosen age and its not maturing.   In which case it can be deferred.

Most modern plans don't have the maximum age 75 maturity and are open ended.

Dazed_and_C0nfused

itm2 said:

My wife has an occupational pension worth the princely sum of £1,500 which is due to mature in a few months. She has a few other small occupational pensions, but no SIPP. She currently receives rental income from a flat which uses up all of her personal allowance.
Any good ideas for what to do with the cash when the policy matures?

Pensions don't as a rule "mature".

Is this a defined benefit pension (a bit like deferred salary) or a defined contribution pension (a pot of money).

Is the £1,500 some form of capital value or the annual pension?

What makes you think it is maturing?

itm2

It's a defined contribution scheme - with Reassure. Leaving it where it is may make sense, I guess?

LHW99

itm2 said:

It's a defined contribution scheme - with Reassure. Leaving it where it is may make sense, I guess?

That's an option, others would be to transfer into one of the oher occupational pensions you say she has, or mtransfer them all into a SIPP or personal pension.

Depends on things like charges, any guarantees, if it / they offer access in the way she wants, is there a web interface she feels comfortable with .....

Albermarle

If she has a lot of small DC pensions, it could be worth consolidating to a smaller number.
Especially if she ever withdraws money from multiple pots, she will probably find herself regularly waiting in the queue to speak to HMRC !
Also a more modern pension, will be easier to deal with generally- good website, better customer service, more flexible withdrawal options etc.

itm2

The largest occupational DC pension that she has is with Aviva. Does anyone know whether the admin costs would be reasonably low to transfer the Reassure pot into the Aviva scheme?

Albermarle

itm2 said:

The largest occupational DC pension that she has is with Aviva. Does anyone know whether the admin costs would be reasonably low to transfer the Reassure pot into the Aviva scheme?

Normally nowadays there no charges for transferring DC pensions, although there are still some exceptions.
If there is a charge it will be much more likely from Reassure, than Aviva.
You organise the transfer from the Aviva side, no need to contact Reassure, although they may check details with you at some point.

dunstonh

Does anyone know whether the admin costs would be reasonably low to transfer the Reassure pot into the Aviva scheme?

Not possible to answer without details.   ReAssure is a collection of closed insurance company books offering hundreds of different types of pensions on various terms.   Aviva is also a collection of closed insurance company books along with its own plans and will  get into the thousands of types of pensions and terms available.

You would need to compare and also consider a third option which is a new plan for both.

itm2

If we choose to consolidate the pots presumably we'd need to contact both Reassure and the target provider to determine their admin fees and other costs?

MallyGirl

As already posted, there usually aren't any fees to transfer. You choose a destination provider and they do all the work to transfer the pensions to them