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Original poster

Tiny pension

18 replies

livelongprosper · 07/06/2023 00:26

I worked for a small company in 2000-2002 and they set up a pension. The company wound up years ago. The pension got transferred to Aegon Retiready years ago without me knowing as my address was out of date with my pension company at the time. I think it was about 2-3k originally and it's about 8.5k now. They seem to take £3-4 a month for running it and the investment rises 5p a month, so it's getting smaller not bigger. When I asked about closing it I think they said I can't til I retire. Is there anything I can do to make this money more productive? I've a separate public sector pension and won't be paying more into private pension. Thank you.

OP posts:

LorraineInSpain · 07/06/2023 00:34

What type of pension is it, and how old are you?

You can probably do something with it, depending on the answers to those questions.

ZoeyBartlett · 07/06/2023 00:42

Same questions as above but also do you have any other pensions? If so you can transfer this one into your current one

Original poster

livelongprosper · 07/06/2023 01:03

Thanks for replying. I'm early 40s, my only other pension is my public sector one which I doubt I'm allowed to add more to.

OP posts:

Original poster

livelongprosper · 07/06/2023 01:05

Sorry I don't know what you mean about what type of pension,other than the name of it which I've given and that it was from salary % contributions from me and my then employer.

OP posts:

ZoeyBartlett · 07/06/2023 01:05

In that case you just need to look for somewhere with lower rates - and they should have different funds you can choose to invest it in. When you get to 55 you should be able to take the cash.

Original poster

livelongprosper · 07/06/2023 01:07

Thank you. Is there something like a price comparison website for pensions?

OP posts:

Original poster

livelongprosper · 07/06/2023 01:28

I'm looking at it again and I'm confused as each month it shows like 5p rise Distribution Reinvestment and £-3/4 admin charge, but then the current value is £2k more than it says it was 5 years ago when the online record starts so I'm probably going to have to ring them and ask what it all means. They have other products but it's not easy to see what the charges would be.

OP posts:

silverlentils · 07/06/2023 01:56

You should be able to move it to something like NEST, but call them first to see what it all means.

Tumbler2121 · 07/06/2023 02:42

Beware of NEST. I left a small amount in there 6 years ago … it’s gone up by 0.035% total!

ZoeyBartlett · 07/06/2023 02:58

There is a free Gov site that will help www.moneyhelper.org.uk/en/pensions-and-retirement/pension-wise

Original poster

livelongprosper · 07/06/2023 03:32

Ah thanks I'll try that helpline, once I've grasped what's going on with my current setup.

OP posts:

Fleetheart · 07/06/2023 05:07

it’s your money and you will be able to transfer it. you can also have a look at martin lewis who is quite helpful.

unsync · 07/06/2023 06:00

Transfer it out to a different fund if you are not happy. If you have any spare cash/savings, look at making regular contributions to the new as you get tax relief, it's effectively free money for your pension.

nannynick · 07/06/2023 06:08

Contact them and confirm it is a defined contribution scheme. If it is then you can ask another provider to transfer it in, such as using a Self Invest Personal Pension.

Ask about any protected rights. Probably won't be any but you never know with old pensions.

Podcast about pensions in general, including consolidating pensions (transferring one to another): meaningfulmoney.tv/OS4

wobytide · 07/06/2023 07:36

You're confusing dividend reinvestment and growth. Growth won't show in the transactions but it's why it's gone from £2.5k to £8k

By all means move it elsewhere but make sure you've established the fees and the performance to understand where might be a good home for it

Barnella · 07/06/2023 07:45

I’d start by asking whether you can put it into your CS pension, as you may be able to.

Napmum · 07/06/2023 08:30

livelongprosper · 07/06/2023 01:03

Thanks for replying. I'm early 40s, my only other pension is my public sector one which I doubt I'm allowed to add more to.

You won't be able to transfer into most public sector pensions, but you can move it into a different private pension provider.

You just need to do some research but move it ASAP so it doesn't continue to shrink.

LorraineInSpain · 07/06/2023 08:34

Like others have said, assuming it’s a defined contribution pension you should be able to transfer it somewhere else.

However, if you don’t know about investments then something like a SIPP may not have much advantage (unless it’s a lot cheaper) - you are presumably not wanting to actively move between funds / monitor performance?

You could also ask whether your public sector scheme accepts transfers - some do, though it may depend on the length of time since joining the scheme. Be aware if you transfer to that you will probably only be able to take it when you retire from your scheme, whereas if you leave it in a different pension you could take it at any point (above the minimum age)

Other option is to just leave it where it is (and / or switch funds if you don’t like the current one)

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