Sorting out pensions

rose11 · 15 October 2016 at 10:20PM

I'm got a pension with prudential, I'm on a low wage so it's not much. My boyfriend has got 2 army pensions with the same company, and then 2 other small ones, all not really much. I started mine years ago, so I'm a bit out of touch with what to do. I've asked my boyfriend the company he has just started working for has got one, which hes going to find out. What's the best thing for us to do? Can we put all of my boyfriends pensions in one? Thanks for any help :-)

atush · 16 October 2016 at 12:02PM

First of all, if you arent married your boyfriends pensions wont be coming to you. Army pensions are not 'with a company'.

So, does your employer have a pension? How much do they pay in? Can you afford to pay in more than you are doing now?

Do either of you have any debt? Do you own your home? Do you have emergency savings?

Pensions cant be looked at in isolation, you have to look at the bigger picture.

xylophone · 16 October 2016 at 12:21PM

Your boyfriend's army pensions are not "with a company"- https://www.gov.uk/guidance/pensions-and-compensation-for-veterans - are you referring to the company which administers the payments?

Is he already in receipt of his army pensions?

With regard to the other two pensions, what type of pensions are they?

How old is your boyfriend?

It is very likely that his new employer offers a pension scheme or if not, will soon have to offer one.

https://www.gov.uk/workplace-pensions/about-workplace-pensions

How old are you?

Your employer either offers you a scheme or will have to offer one in the near future - see above.

rose11 · 16 October 2016 at 9:22PM

Thank you both for your replies, I've just said to my boyfriend about his army pension, and he's just said he transfered it to legal and general! He's never said that before, he just said his army pension. I thought it was abit funny an army pension like that! lol
I work for my family, no they don't pay in anything, but presume they will have to start soon? No sadly I can't pay any more in mine, its about £25 a month at the moment. Hopefully my boyfriend will get one with his company soon.
We have just brought a house, so we've now got more going out, I have got some savings, but we might have to use quite a bit on the house. I want to try and have emergency savings though after that.

xylophone- I've found out it was a company, that he has put his army pension in, which I didn't know.
I will have to find out about which pensions the other 2 are.
I'm 44 and my boyfriend is 48.
I'm not very good with what to do with pensions, and my boyfriend isn't very good at all. He would rather get someone else to sort it out, but I don't like doing that, so said I would sort them out. I wondered if we could put all of his together, or do you have to keep them seperate? I hope that make sense. lol

atush · 16 October 2016 at 9:33PM

This is your family. If they have to soon, they should do so now.

Are you saying that your BF transferred his valuable DB army pension to a Dc pension elsewhere? Likely to be a huge mistake and possible miss selling. When did he do this?

He needs to post himself really. And you need to think about yourself and not him if he isnt marrying you. Esp as in some cases of DB pensions you cannot inherit them if he dies before you.

But if he was very silly and transferred it out, he can nominate you to inherit the benefits (as you c an do for him with yours) by filling out an expressions of wishes form. Has he done so?

Sorting out pensions

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