Financial Experts

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  • Financial Experts
  • wors
    Member

    I have a pension from my old employer. Nothing has been paid into it for the last 7 years. I recently got a statement and the current fund value is about £20000. Other than transferring into my pension with my current employer, can pensions be transferred into any other type of investments? Unit trusts etc..

    I thankyou

    mudshark
    Member

    Many, like me, have Hargreaves Lansdown SIPPs; very easy to transfer into and use.

    wors
    Member

    Many, like me, have Hargreaves Lansdown SIPPs; very easy to transfer into and use.

    Just having a read up about SIPPs.

    Premier Icon wallop
    Subscriber

    I have an HL SIPP. It’s a nice and easy way to supplement your company pension.

    Premier Icon jambalaya
    Subscriber

    IMO it makes sense to have a couple (at least) of different pension providers/plans, in case one has a problem.

    You can transfer that pension pot to another scheme/manager. You cannot just transfer it to unit trusts outside a pension without it being taxable (which doesn’t make sense). You can transfer it to a pension provider which allows unit trust investments or a more flexible SIPP – Self Invested Personal Pension.

    I have 3 separate schemes with 3 different providers, in general the employer picks a pension fund manager/provider and they manage it so in such a case there isn’t a requirement to move your pension once you leave a job.

    I assume it’s a defined contribution type scheme, if it’s defined benefit (e.g. final salary) do not move it

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