Redundancy & Pensions

edited 30 November -1 at 1:00AM in Pensions, Annuities & Retirement Planning
3 replies 619 views
Kareno_2Kareno_2 Forumite
2 Posts
Can anyone help me?????? I just need a bit of advice as I'm not very clued up on pensions. :eek:

I was made redundant in April after 15 years, in that time I was in the company pension scheme where they paid approx 12% of my salary into the pension.

I have the option of leaving it where it is until I retire but would it be more beneficial to move it elsewhere?
Could I move it to a private pension and continue adding to it?

I'd be grateful for any of your comments and advice. :confused:

Thanks, Kareno

Replies

  • PalPal Forumite
    2.1K Posts
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    Do you know what type of pension it is? Final salary/defined benefit or Money purchase/defined contribution?
  • Kareno_2Kareno_2 Forumite
    2 Posts
    Thanks for your help.

    The pension plan I was in is a Money purchase/defined contribution plan.
  • dunstonhdunstonh Forumite
    106.7K Posts
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
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    In this case its a maybe it is, maybe it isnt answer. Depending on the transfer value and the retained benefits and features of the investment funds, it may be better to leave it where it is or move it into a new arrangement.

    Without a proper transfer analysis, its going to be impossible for us to comment I'm afraid as there are many variables to take into account and short of you posting scheme booklet, values and statement/projections, we cant really help.
    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.
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