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Money purchase pension - options?

Last post Tue, Apr 17 2012, 5:36 PM by april1967. 3 replies.
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  •  Tue, Apr 17 2012, 5:36 PM

    Re: Money purchase pension - options?

    An IFA would be the best option.
    • Post Points: 5
  •  Mon, Apr 16 2012, 6:46 AM

    Re: Money purchase pension - options?

    OldBlade:

    I have £24K in a pension scheme with a previous employer.

    Is there anything I can do with this money other than wait for my retirement date and the annuity payments to start?

    I have a pension with my present employer that I am contributing to, is it worth trying to transfer the old one to the current one?



    There are a number of options what you can do with the fund, however depending on the type of pension scheme that it is will depend on who can deal with it - if it is a genuine money purchase occupational scheme and not a Group Personal Pension, you will need to seek the advice from an IFA who holds the G60 or AF3 qualification as there are only certain advisors who are qualified to give advice on money purchase occupational schemes, and carry out any potential transfers.

    If you don't transfer it out the only time you will get hold of your money is at retirement - and if it is an occupational scheme then this will be at the normal retirement date of the scheme - if you take it early there may be a penalty for leaving the scheme early - this would all be available from whoever administers your old scheme.

    Seek an IFA who will be able to look at the scheme and give you guidance.
    • Post Points: 20
  •  Sat, Apr 14 2012, 2:20 PM

    Re: Money purchase pension - options?

    You could obtain a professional response to most if not all aspects of your query by contacting the Pensions Advisory Service below. They can provide you with free guidance but not specific investment help.

    http://www.pensionsadvisoryservice.org.uk/

    • Post Points: 5
  •  Mon, Apr 09 2012, 11:28 AM

    Money purchase pension - options?

    I have £24K in a pension scheme with a previous employer.

    Is there anything I can do with this money other than wait for my retirement date and the annuity payments to start?

    I have a pension with my present employer that I am contributing to, is it worth trying to transfer the old one to the current one?

    • Post Points: 35