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Need Advise On Pension

Hi

I need advise on what to do with my pensions. I use to work for "Company 1" and I paid in to a pension. I have left "Company 1" and they transfered my pension to retiready. My money is now sitting in retiready doing nothing (I am not paying in to it) infact retiready are charging me £2 a month for an admin charge.

I am now working for "Company 2" where I have a pension that I am paying in to.

My question is what should I do with the retiready pension? Would there be any benefit in paying in to this pension? Should I close this pension? If I close shall I transfer to my pension with "Company 2" ?

I am also considering opening a life time isa, Should I put the retiready money in to there?

Thanks

Comments

  • dunstonh
    dunstonh Posts: 121,101 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    My money is now sitting in retiready doing nothing

    Is it not invested?
    infact retiready are charging me £2 a month for an admin charge.

    Nothing is free.
    Would there be any benefit in paying in to this pension?

    Possibly. Or maybe company 2 is better to use.
    Should I close this pension?
    you cant
    If I close shall I transfer to my pension with "Company 2" ?
    Transfer or keep are your only options.
    I am also considering opening a life time isa, Should I put the retiready money in to there?
    you cant.

    You can consolidate the pension with the other one or use another provider or keep it where it is.
    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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