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pension
liverpool20
Posts: 6 Forumite
I have a tiny pension frozen in 2000, £3,000 in total paid in .It is now worth £2,000 and falling , the bank says it cant be cashed in even using the triviality clause ,but they will sell me an annuity by the time i am 60 it will all but gone in market forces and charges they say ,What do i do to stop it disappearing .? jill
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Comments
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You may be helped by a change in the Budget on cashing in small pensions.Trying to keep it simple...
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Why will it all be gone?it will all but gone in market forces
How old you are you? If you are over 60 then you can excercise triviality with any personal pension. Bank staff may not be aware of this as it is not something that is typically within their daily remit.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.0 -
The pension has gone down every year ,it was originally frozen at fund value of £3000.t is now less than £2000 .I really don't understand pensions at all ,sorry .
I am 53 and don't know what to do about the money .I would prefer it not to stay with this bank as the bank 9 years ago took so much money from us in charges ,We lost our home etc. .I know there is nothing I can do about that now and we are financially OK now ,but this money is dwindling , where can we move it to if we cant cash it in and at least retain what's left . jill thanks
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The pension hasnt gone down. Where you have invested has gone down. Personal pensions also cannot be frozen.
Who is it with and where is it invested?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.0 -
thanks for your reply 'my personal pension plan is with Nat West ,number of regular contribution were 31 ,totalling £3040 .the total fund value as of now is below £2000.They suggested we take out and annuity with them .I stopped the plan many years ago until we could afford to restart it and we never have done . thanks jill0
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Natwest use unit linked pension funds so there is no reason for the investment to go down unless you have picked some really poor investment areas. They do have a range of funds you can switch between.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.0
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Does this pension have any "contracted out" (protected rights) money in it?Trying to keep it simple...0
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