pension Scheme wind up now what ?

[alanr]

Just received a letter today to say that my former company is winding up its pension scheme
And I need to transfer my final salary pension pot to some other fund, value £130000

I haven’t got a clue regarding pensions and what is the best thing to do

See an FA or has anyone on here been in the same position lately and what did you do?

Just one more thing I am 51 yrs. And in full time employment and in company stake holder pension of which I am told is not that good!!

Any advice or guidance would be appreciated

Thanks

[jimmbo60]

You could start by looking here

https://www.moneyadviceservice.org.uk/en/search?utf8=%E2%9C%93&query=pensions&commit=Search

[alanr]

thanks for the link , still confused thou !!

[jimmbo60]

Well it a place you can start. I'm sure there are financial advisors that can help you. I would have thought the company winding up the scheme would have to give you options on where to look as well.

[alanr]

yes gave just one option legal and general or up too me where i transfer

thanks jim

[jimmbo60]

I'm no expert but I'veheard you don't need to go with who thet suggest and you get a better deal if you shop around but this maybe when reach retirement when you have to convert it or something. Maybe Colin knows?

[Boydio]

Are you certain it's a 'Final Salary' scheme? If it is, then it doesn't matter who you transfer to, as the amount you will receive in retirement is fixed.

If it's a 'money purchase' scheme (where the pension you get depends on how the market does) then where you transfer it to is very important, so definitely get some advice. The problem, these days, is that somebody will typically charge you 2% for giving this advice (which will be £2,600 on your pension fund).

Any idea what your current stakeholder scheme is worth? Might be worth consolidating the two now.

[Linne]

did you see this weeks BBC1 watchdog and the story of the chap who went looking for old pensions.

[alanr]

Are you certain it's a 'Final Salary' scheme? If it is, then it doesn't matter who you transfer to, as the amount you will receive in retirement is fixed.

If it's a 'money purchase' scheme (where the pension you get depends on how the market does) then where you transfer it to is very important, so definitely get some advice. The problem, these days, is that somebody will typically charge you 2% for giving this advice (which will be £2,600 on your pension fund).

Any idea what your current stakeholder scheme is worth? Might be worth consolidating the two now.

yes it final salary pension( defined benefit scheme )

also I have £60000 in my stakeholder scheme

thanks very much for your info

alan

[galahad]

Where do you find out about pension pots? I,ve got a couple of little pensions accrued(opting out of SERPS..etc) and my ongoing final salary pension,but my annual statements Never tell what my actually pot is!
For example my FS pension only tells me what I would get at pension age if I left this year ..or at retirement age ...no mention of these £100s of thousands pots mentioned by Alan.
How would I determine what my pot would be if say my deferred pension if I left my job now would be £7000 p.a.at 65?

[alanr]

Where do you find out about pension pots? I,ve got a couple of little pensions accrued(opting out of SERPS..etc) and my ongoing final salary pension,but my annual statements Never tell what my actually pot is!
For example my FS pension only tells me what I would get at pension age if I left this year ..or at retirement age ...no mention of these £100s of thousands pots mentioned by Alan.
How would I determine what my pot would be if say my deferred pension if I left my job now would be £7000 p.a.at 65?

hi, I just asked them for transfer value, that tell you how much is in your pot

[colin244]

The pension funds will give you the value of your pot and what it may achieve as they are required to do but will certainly not give you the options available so yes you need an IFA on this but check their fees first

colin 244

[alanr]

the pension company are going to transfer my pension to
legal and general unless i tell them what or where i would
like to send the fund , so up to me i guess

thanks colin

[colin244]

alan,

L&G are not bad but it is worthwhile getting independent advice as posted before,

Good luck with this.

colin 244 (non advisor )