Trying to change pension

Spatel_2

Hi all

Been looking on here for a while just need a bit of info where possible.

I have a company pension with a previous employer. having recieved details from them regarding the pension. From what i understand from the paperwork they sent i could opt for a cash transfer to a suitable personnal pension scheme of my own.

I am currently trying to set a joint pension up with my partner and as such requested that they send a cheque as per the cash transfer value payble to myself than i can put it in my ISA until all is set up.

They never specified in the paperwork that i had to hold a pension scheme with a my new employer or bank etc.

After a heated discussion this morning they are not prepared to issue a cheque, but had i not worked at my previous employer for such a long time they would be able to have cash transfer.

I am being stupid in assuming that cash transfer means exactly that compared to a full transfer where the payment will go direct to the pension supplier.

CLAPTON

No you can't get a cheque made out to yourself.
The only option is to arrange a pension - pension transfer.
No point arguing with the pension company, it's down to government rules.

Spatel_2

If that was the case then why could they not explain that in the paperwork? or is it the same old where you should spend forever and a day finding out your stance before even writing to them for them to write back 3 weeks later telling you tuff luck.

dunstonh

I am currently trying to set a joint pension up with my partner

pensions are an individual thing (like ISAs). You cant have a joint personal pension.

They never specified in the paperwork that i had to hold a pension scheme with a my new employer or bank etc. ...

....If that was the case then why could they not explain that in the paperwork?

They are not allowed to give you advice. That is the job of your adviser. If you dont use an adviser then you take on responsibility for doing it yourself and that means you are saying you know what you can and cant do.

or is it the same old where you should spend forever and a day finding out your stance before even writing to them for them to write back 3 weeks later telling you tuff luck.

No. you either know what you are doing, use someone that does or if you dont know what you are doing you can end up making a pigs ear of it.

Your comments about using a bank for a pension, joint pensions and trying to get cash from the pension suggest you need advice and shouldnt be doing this yourself.