pension advice needed

gocat

Tried reading as many of the threads as possible but confusion still reigns in me.

I have a tiny private pension (Phoenix formely sun alliance) that I have been paying into monthly for about the past 18 years.
Have now decided my occupational one would be better (was just thinking of relying of savings ISA's etc up to now, dunno why).
Anyway Occupational one is SHPS and means paying 10% of salary. I got about 20 years of working life left.

contacted Phoenix with the idea of freezing that one but they sent me some package about transferring to new pension. Would that be beneficial to me?
Transfer papers look most confusing to me and seems easier just to freeze it.

Anyone know how Phoenix and SHPS are doing on the league tables? :huh:

gocat

Oh dear. Looks like problem is more complicated than I thought. Maybe just best to ask them to freeze the phoenix one again?

purch

Does your employer offer access to a Financial Advisor ?

It is probably a good idea to check with your employer, about whether they accept transfers into their scheme from a PP

When you know the transfer value of your existing PP it should be easier to get advice as to what is best to do.

sleepless_saver

If your employer makes a contribution to the occupational pension, then that is free money. You would need a good reason not to make use of that while you're in the job . Can't help on the freezing/transfer issue, sorry.

Adviser21

gocat wrote: »

Tried reading as many of the threads as possible but confusion still reigns in me.

I have a tiny private pension (Phoenix formely sun alliance) that I have been paying into monthly for about the past 18 years.
Have now decided my occupational one would be better (was just thinking of relying of savings ISA's etc up to now, dunno why).
Anyway Occupational one is SHPS and means paying 10% of salary. I got about 20 years of working life left.

contacted Phoenix with the idea of freezing that one but they sent me some package about transferring to new pension. Would that be beneficial to me?
Transfer papers look most confusing to me and seems easier just to freeze it.

Anyone know how Phoenix and SHPS are doing on the league tables? :huh:

You can find out more about SHPS at:
http://www.thepensionstrust.org.uk/TPT/SHPS/Homepage.htm
I hope this helps.

EdInvestor

The SHPS is a good scheme, but it depends transfer in on how many years your Phoenix pension will buy in the scheme.

Also you should ask Phoenix if your existing pension has a Guaranteed Annuity Rate.These can be valuable, and it could be sensible for you to keep paying into the scheme as well as into SHPS.