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HSBC Stakeholder Pension
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Supermop
Posts: 39 Forumite
Hi everyone,
I have been rifling through some old paperwork and have rediscovered a forgotten-about stakeholder pension plan with HSBC (basically I forgot to update HSBC with my new address when I moved house a few years ago and with no correspondence about it and not paying into it, it flew out of my head).
The sum in it as at 2007 was modest -- only £6166.
My question is, what am I to do with it? Leave it with HSBC, or can I transfer it to another pension scheme? I'm pretty sure I can't withdraw it (although that would be amazing as it would pay off my CC). I can't afford to put anything into it for the time being due to a change in circumstances.
I have been rifling through some old paperwork and have rediscovered a forgotten-about stakeholder pension plan with HSBC (basically I forgot to update HSBC with my new address when I moved house a few years ago and with no correspondence about it and not paying into it, it flew out of my head).
The sum in it as at 2007 was modest -- only £6166.
My question is, what am I to do with it? Leave it with HSBC, or can I transfer it to another pension scheme? I'm pretty sure I can't withdraw it (although that would be amazing as it would pay off my CC). I can't afford to put anything into it for the time being due to a change in circumstances.
0
Comments
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My question is, what am I to do with it? Leave it with HSBC, or can I transfer it to another pension scheme?
You can do either. What is best will depend on the specific terms of the HSBC pension and the pension you might transfer it to.I'm pretty sure I can't withdraw it (although that would be amazing as it would pay off my CC).
No you can't withdraw it. You can only acces it at age 55 and then only 25% as a lump sum. The rest must be used to provide you with a monthly income.0
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