wound up final salary

guppy5y4

Hi I hope some one can help or give me some advice the company that I work for setup a final salary pension in October 1981 which is when I joined the scheme, in January 2002 the company wound up the scheme and setup a money perches plan.It as taken six years for three financial companies to sort out who should get what, on December 24th I received a letter from the trustees with the figures and the options as follows:- I have a transfer value of £47'277.32 option 1) transfer the fund into the new pension scheme (I have 8 years left to retirement age) :- option 2) transfer to a pension plan of my choice :-option 3) a deferred annuity with legal & general pension value of £1,682.30 PA :-on wind up I received a deferred pension certificate, deferred pension at exit £5,090.28 PA, as you see there is a big difference between the two figures My question is, is there any thing we can do to increase the final pension or would it be better to take a lump sum now and get the financial adviserto invest the rest

bigturnip

I would suggest you get an independent financial advisor to look at your options and the rules of the schemes available to you. You can get basic advice over the phone from the Pension Advisory Service http://www.pensionsadvisoryservice.org.uk/ It may cost you a few hundred pounds to get more detailed advice, but it could save you thousands in the future.

EdInvestor

Have a chat to these people::

http://www.pensionsadvisoryservice.org.uk/


This may also be useful:

http://www.dwp.gov.uk/lifeevent/penret/penreform/fas/