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Pension Advice

Last post Wed, Dec 29 2010, 12:42 PM by adrian007. 3 replies.
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  •  Wed, Dec 29 2010, 12:42 PM

    Re: Pension Advice

    hmm, never had to worry about that - there is a pensions tracing service (google will help you here) that is a government scheme rather than by a person.

    Can you recall the insurance company the adviser used back when you opted out?

    Failing that, maybe you could track it via the National insurance people - at some point they will have registered the scheme and account number in order to send the money to it.

    Good luck.

    • Post Points: 5
  •  Tue, Dec 28 2010, 11:45 PM

    Re: Pension Advice

    Thanks for your reply. I appreciate your thoughts.

    I will contact the previous employers and see what's what.

    Any ideas how i check what is in my "SERPS" pot as you put it?

    • Post Points: 20
  •  Tue, Dec 28 2010, 7:16 PM

    Re: Pension Advice

    So, potentially a personal pension with L & G, 3 or 4 company schemes and your current scheme and you've probably got a fund from Opting out of SERPS.

    Firstly - it is definately worth investigating - we're all going to have a tough time in retirement and having some pension funds that you can manage for the next 25 - 30 years could be worth having. You are paying £3kpa into your pension - what if these others add up to £10k - that's well worth while!

    Secondly, a particular kind of Financial Adviser is needed for this kind of work - They need an exam called G60 - I don't have this exam so I'm not promoting my own services here!

    You need to provide the IFA you choose (please don't use your bank, or an adviser who isn't an IFA) with the details of each pension - in oreder to do that, you need to contact the HR dept of each company and ask about your frozen pension - they will tell you where to find the details.

    The adviser will write to each company and get all the details they require and will be able to advise you whether to transfer the funds into one pot, or leave them where they are.

    The guy I used told me that I should leave my cash where it was and I've recommended him to a couple of clients sinec then.

    As an indication of the costs of an IFA, I paid my man £150 to do the research. If the transfer had gone ahead he'd have charged me 3.5% of the fund being transferred and 0.5%pa to provide annual management meetings with me. I don't think he was offering me a special deal, and I didn't ask for one, he is someone I trust and that was more important.

    By the way - I opted out of SERPS in 1988 - for me, there is £17k in that little pot of money...fingers crossed there is for you too!

    • Post Points: 20
  •  Mon, Oct 25 2010, 9:37 PM

    Pension Advice

    I contracted out of SERPS on the advice of a financial advisor, some 20 years ago. Since then, i had a pension with Legal and General which has next to nothing in. Some non-contributory pensions through previous employers, namely GRE (now part of AXA), Royal Sun Alliance and Cornhill. Possibly Direct Line but i cant remember.

    I have no paperwork for any of these and they were all at old addresses.

    I now invest £250 a month into a pension and my employers also contribute the same and have done so for 4 years.

    I am 38.

    Is there a way of sorting out who has what pensions and if so is it worth consolidating them, bearing in mind there may be financial penalties? And the cost of using any financial advisors to assist with this.

    Or is it not worth the hassle???
    • Post Points: 20