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Saorsia12

Qriz B - thanks for the suggestion - it’s not a big pension, defined contribution and I wasn’t really getting enough to pay much in - I didn’t want to start drawing it down this early, plus I’ll hv to move it out from the employer if I get terminated, so the insurance payout was my noybreal funding until pension age.

Marcon

Saorsia12 said:

Qriz B - thanks for the suggestion - it’s not a big pension, defined contribution and I wasn’t really getting enough to pay much in - I didn’t want to start drawing it down this early, plus I’ll hv to move it out from the employer if I get terminated, so the insurance payout was my noybreal funding until pension age.

Why? Even if it's a true occupational scheme (as opposed to some sort of personal pension arrangement), it would be unusual to say the least if you didn't have the right to remain as a 'deferred' pensioner of the scheme.

Saorsia12

Thanks Qriz B -  i hvnt even looked at the pension fallout yet as ive bn focussed on taking the potential settlement or not - can u explain the deferred pension position please - I got a booklet from the employer about retiring and it gave options like drawdown and annuity but some of these weren’t available if I stayed in the employers scheme.  Cd I just leave the pension where it is if my employment ends?  I thought I had to move it.

Saorsia12

Marcon - sorry it was your message re pension - thanks.

Marcon

Saorsia12 said:

Thanks Qriz B -  i hvnt even looked at the pension fallout yet as ive bn focussed on taking the potential settlement or not - can u explain the deferred pension position please - I got a booklet from the employer about retiring and it gave options like drawdown and annuity but some of these weren’t available if I stayed in the employers scheme.  Cd I just leave the pension where it is if my employment ends?  I thought I had to move it.

You can leave it where it is, but won't have the full range of options you would have if you moved it elsewhere. Unless you actually want one of those options ('newer' ones which wouldn't have been available at the time your company scheme was originally established, such as drawdown), you might get a better outcome by not moving it. Book a free telephone appointment with PensionWise and they will be able to explain the possibilities, although they can only give guidance not advice: https://www.moneyhelper.org.uk/en/pensions-and-retirement/pension-wise

Just spotted your earlier post about your employment lawyer going AWOL. Have you actually paid anything for whatever service you've received thus far - and what exactly has happened? Are you just not getting answers, or what?

Saorsia12

Thanks Marcon  - yes I probably wd hv to put it into drawdown at some point and the employer had cut a deal with the same platform provider they use to move it across to, who offered that service.  I saw a Financial Adviser (informally) and he said I cd amalgamate my employment pension and one other smaller one into a sipp using a different platform and he suggested taking my 25% tax free.  Not sure about this or what a sipp even is, or if there would be expensive charges.  I will ring pensionwise as you suggest. The employment lawyer has resurfaced, he’d just bn very busy - no I hadn’t paid anything up front yet, thanks for your concern.