Can you use a CETV from an old pension to buy additional pension...

woolly_wombat · 8 August 2018 at 1:57PM

You were advised to leave your old final salary pension where it was.

You are only in your 30s so you couldn't transfer that old pension to a personal pension and withdraw some of the money to put it in your new pension (which would be a terrible idea anyway).

The only way that I can see of freeing up some money to purchase additional pension in your new scheme is if you divert some of that £500 pm you are currently paying into an ISA.

https://forums.moneysavingexpert.com/showthread.php?p=74621421#post74621421

Which appears to be exactly what dunstonh suggested.....bangs head against brick wall!

FIRSTTIMER · 8 August 2018 at 3:08PM

True.

One advisor says this
Leave as is

One advisor says a way to maximise is to do what I have stated above.

And you wonder why googling financial advisor advice for pension transfer is all political as no one is now looking at them. So pensions sit doing nothing as no one wants to pay for advice and then realise at 50, oh I should have done this at age 35.

So yes, please continue banging head against wall.

woolly_wombat · 8 August 2018 at 3:19PM

FIRSTTIMER wrote: »

One advisor says a way to maximise is to do what I have stated above.

But you have missed the transfer deadline (which you were advised not to do anyway).

That would appear to be the only way to 'use the CETV from an old pension' as you put it.

What exactly did the advisor say and have you got it in writing?

I think something has got lost in translation.

FIRSTTIMER · 8 August 2018 at 3:51PM

Well this thread is over - I!!!8217;ve got the final say from the pension gods. I cannot do a full 3 year buy out, full faster acrrual at 1/45 and full additional pension benefit via lump sum, as this will = way over maximum extra pension you can buy for retirement = £6800.
Option 1
3 buy out (already done) and pay a lump sum for the full additional pension benefit I can buy up to £6800 and I can NEVER do faster accrual

OR

Option 2 - advised the best one for me
3 year buy out (already done) and pay maximum faster accrual (1/45) monthly until retire or the maximum amount of extra pension I can buy has been reached (currently £6800).

Option 3
Combination of all three - but hard to calculate and manage yearly due to salary changes all the time.

There was me thinking I could do all three! Ahh well, LISA and S&S ISA staying as is. #happy saving everyone.

Can you use a CETV from an old pension to buy additional pension...

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