What to do with pension when leaving job!!

marylee

Son left his work 6 months ago to travel. He worked for 22 months for the Council. He has asked to withdraw his pension but has not heard anything from his employer yet. He is now back in UK and is thinking of contacting them to find out what is happening to his pension. Is there any other option he can take as I would rather he does not withdraw the money? He is job hunting at the moment.

Daughter is leaving her job with a financial company to start another one in September. She has worked there for nearly four years. Please what will be the best option for her. Does she withdraw her pensions or leave it as it is? In her first job, she had to withdraw as she worked there for less than 2 yrs. I do not know what the situation is at present. She is going to work for a University and she could join their pension.

Please advice.

thanks

EdInvestor

HI marylee

Re son, he could withdraw the money, but obviously a council pension is a topnotch goldplated one, so if he can, leave it in.He may end up working in a Govt job again later and can reactivate it.

Re daughter, she can't withdraw as the limit is 2 years.Can you post some details about the pension - final salary or money purchase or GPP for a start.

The universities have an excellent pension scheme well worth joining.

marylee

Thanks, I do not think son has got much in his pension may be less than £2000. Is it worth leaving it as it is or I think he cannot do so as he is just under the two years limits. But if he can, I would advise him to leave it there although will not be worth much when he retires, he is 25 yrs.

Daughter works for HBOS, I think, they only contribute something like 2.5% not sure. With the University, she contributes 5% and they contribute 10% something like that because she told me the benefits are very good. She will be joining, in the meantime, can you offer advice what she can do with her HBOS pension. Thanks again.