Can I transfer a wound up company pension.

murphydavid

Another appeal for help I’m afraid, trying to get IFA free. Before my company went bust I was in a final salary pension scheme. The funds from the scheme are now in the control of an independent Trustee appointed by the pension regulator. During the wind up, a letter from the trustees made me feel distinctly ill at ease, one paragraph in particular said that I should keep correspondence to them to a minimum and any correspondence received by them might be dealt with by the director who would then take £250 an hour directly out of the pension fund. Anyway after some considerable time of hearing nothing I decided to enquire about what was going on. Evidently the wind up is complete and the funds are invested in Gilts and Bonds Index funds. After unaswered letters I finally found out that I should have had a benefit statement, which I never got (I have asked them to send it again) and they are also able to give me a transfer value which can evidently go up or down. My question is, if at the moment I am not contributing to another pension scheme (I hate them) is there anywhere I can transfer my wound up pension to where I will have a degree of control over it? When / if I get my benefit statement I believe I will have already suffered a considerable loss (to what I had been promised) and I am now completely risk averse. As you may tell I don’t know much about pensions, but to give an idea of the type of attitude I have adopted, if my transfer value whatever it is could be transferred to a building society with a dependable 5% APR and no fees where I have total control over it that’s what I would do. As for the trustees they have been about as helpful (to me) as a one armed paperhanger and seem to trash two out of three of all corespondance they get.