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Where do I move my pension to?

(3 Posts)
Liveinthepresent Thu 03-Jan-13 15:01:00

I have a dormant pension pot from previous company.
It has to be moved from the existing scheme as the business is closing
How on earth do I choose a provider - does it even matter?
It's not worth much and I won't be adding to it in the next 5 years at least.
I had been told by a colleague that some providers might convert some of it to cash when I set up a product with them - this would appeal massively as will be on maternity leave this year and therefore cash would be a huge help. Anyone know if this is indeed an option and if so how I choose a provider.

So many questions and so little clue!
Thanks if you can help.

Liveinthepresent Thu 03-Jan-13 21:20:25

Anyone able to offer any input on this?

Notmadeofrib Fri 04-Jan-13 09:24:40

Which business is closing? If the co is closing, if it is an occupational scheme they have to set up a new scheme for you. Transfer to that. I would have thought they would have sent a pack of info and an advising co to you...? If it's a personal pension it can stay put.

Unless you are over 55 or you were in the scheme for under 2 years (assuming an occupational scheme and not a private pension) you can't access ANY of the money... maternity leave would suggest the former doesn't apply.

My basic suggestion is that you ensure you have all the information issued by the company - contact the scheme trustees and ensure they have your address and ask for back copies of all info.

Once you are up to date, if you do indeed need to find your own fund (I really think this isn't allowed/legal action by the trustees)
Cost is important. I would think that a standard pension sourced privately is going to be market rate on costs. I would look at the big names such as Aviva, Aegon.

When and if you go back to work and you have a new works pension consider moving it into the same pot at that stage if costs are better in your work scheme.

choose a variety of funds that are heavy on equitites (your age would mean this is the right route) or simply opt for the balanced managed fund (although this is more risky).

Sorry kids now fighting got to go!

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