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Transfer funds from completed pension policy to work-based current plan?

3 replies

OhNoNotMyBaby · 27/03/2015 13:37

Hello wise pension people - I'd be grateful for some advice here.
A 25-year mortgage related pension plan has now come to term so I have around 92k sitting with Friends Life. I don't want to buy an annuity so this money is I believe just 'sitting there'.

I am currently contributing to a work-based pension plan and intend to carry on working (hopefully) for another 10 years or so. The company matches my 4% contribution.

Is it worthwhile transferring the completed fund to the work-based fund? I don't have much in the work scheme currently but I'm thinking that I'll gain my interest if I put all my money in one pot.

OP posts:
TalkinPeace · 27/03/2015 14:52

what about the mortgage?

OhNoNotMyBaby · 27/03/2015 15:08

The mortgage is a separate entity. I've had several new mortgages since I took out the original plan.

Sorry - I think I've got it wrong in saying it was a mortgage-related pension plan. It is in fact a personal pension plan.

OP posts:
TalkinPeace · 27/03/2015 15:14

Definitely avoid an annuity.
Probably worth talking to an IFA and seeing if a SIPP is worth setting up with it ...

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