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Pension Advise

rob32cardiff
rob32cardiff Posts: 13 Forumite
in Pensions, annuities & retirement planning
Hi all

I've just received an option to opt out of my current employment pension scheme to another. My current scheme is based on a member account purchase, which I guess is based on the amount of pension I've put accumulated. The scheme to which I can opt into is based on final penionable salary. I'm unsure at this stage to what to do as I will not get this option again with my current employer, so any advise would help me a great deal.

Thanks

Rob
No reliance should be placed on the above.

Comments

  • dunstonh
    dunstonh Posts: 121,231 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    What does your IFA recommend?
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • rob32cardiff
    rob32cardiff Posts: 13 Forumite
    Thanks Gunstoh for the reply, but I as of yet haven't put it to them. I thought I would feel the water first.
    No reliance should be placed on the above.
  • dunstonh
    dunstonh Posts: 121,231 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    I asked because companies often give you access to IFAs when options like this exist. Generally, final salary schemes are better but there can be times when the reverse is true. Its needs information about both schemes to decide which is best.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Footsie_2
    Footsie_2 Posts: 59 Forumite
    As dunstonh says, most scheme administrators will provide you with contact numbers for an IFA or will pay your IFA fees in this situations. These schemes can be painfully complicated so a good IFA, maybe one who is a member of a network and therefore has access to specialist advice, is recommended.
    ___________________
    There is no such thing as a stupid question, knowledge is power.
This discussion has been closed.
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