Have personal pension but want to join work pension query.

edited 28 October 2012 at 9:05PM in Pensions, Annuities & Retirement Planning
2 replies 600 views
solorizesolorize Forumite
72 Posts
Part of the Furniture 10 Posts Combo Breaker
Hi,

I currently have a Stakeholder Pension Plan (private pension).

But am wanting to take out a work pension, as my work will
put in and extra 8%.

So I am now wondering what the best thing to do is with my
current personal pension.

Should I get all the current finds transferred into my new work pension? Or freeze it so I do not pay anymore money into it
and just concentrate on paying into my work pension?

Also, I contracted out of SERPS a fair few years ago, but heard something a while ago that everyone was getting contracted back
in automatically. Can someone confirm if the is the case?

Replies

  • Ask if your workplace will contribute to your private pension, as it's no additional cost for them and one of your employee benefits.

    If they refuse, look into being able to transfer pension funds from one account to another, even if it means a minor loss.

    This what I'm getting ready to go through with my sometimes difficult employer after my first annual review.
  • dunstonhdunstonh Forumite
    107.3K Posts
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    ✭✭✭✭✭✭
    Also, I contracted out of SERPS a fair few years ago, but heard something a while ago that everyone was getting contracted back
    in automatically. Can someone confirm if the is the case?

    yes for money purchase plans - In April 2012.
    Should I get all the current finds transferred into my new work pension?

    depends on the terms, features, investment options etc.
    Or freeze it so I do not pay anymore money into it
    and just concentrate on paying into my work pension?

    You mean make it paid up. Frozen means something different. Its an option available to you which may or may not be the best option depending on the things mentioned above.
    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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