hi, ive recently been made redundant and got a final salary scheme with the company i worked for.?

Question

anybody got any advice, im only 32 would i be as well to freeze the pension or transfer it to another pension?just that final salary schemes are hard to come by now.

Answer 1

Final salary schemes are hard to come by and it is normally best to keep them as you know exactly what your benefits will be at retirement. You need to talk to a good independent financial adviser who will research your pension and advise whether it is best to leave it where it is or transfer. If you switch it to a Personal Pension you then lose the knowledge of what you can expect from that pension at retirement as Personal Pensions are invested on the stock market and dependent on who well the funds are doing. You can start up a new Personal Pension PLan and start contrbuting thereby increasing your pension for when you are in retirement. Good website is www.moneyfax.biz

Answer 2

you can't transfer the pension scheme - only the amount that has been paid in - and that will include any employer contributions. When you get to retirement age a pension frozen now will be literally worthless. I would say transferring the amount to a good private pension - or another company pension is even better - would be your best bet.

Answer 3

Don't get disheartened. This is a way of life these days. You should seriously think what were you doing in your work in last few years, whether you were simply working and taking salary or did you do anything on your self improvement in your career. If you had not done self improvement in your previous career it may be difficult to jump immediately to another job. But still don't get panic. You should now realise that you may not have job for another 5 to 7 months. Just plan all your resources, loan repayments for next few months and start thinking on what you can do best or what learning you need to do on your interesting line. Mostly people will get retrenched if they are not doing any improvement or do not have job satisfaction. So do not make that mistake again. Now chose whatever you are very much interested in. Go to Libraries, borrow books, just study. Go to relevant courses. After you feel confident, then apply for relevant jobs. You will surely get good jobs. Next time while selecting jobs give prominence to how much you will further learn and improve in your career instead of salary figure. If you do like this, rest assured that nobody will even think of retrenching you from your job next time. Best of Luck. Believe in God. He will hold your hand and lead towards prosperity once you work hard and with sincerity.

Answer 4

fortuitously, redundancy has not affected our prompt family individuals. My pal's husband, although, has been made redundant 3 cases over the past 10 years. He replaced into in his 50s the perfect time and knew he had no probability of having yet another interest so that they sunk their money into commencing a small taxi agency. My pal drives the taxi in the course of the day and her husband does nights. They artwork fairly problematic although that's a aggressive agency and they are literally of their 60s and nonetheless can't have adequate money to retire.

Answer 5

Fireside you said it is it should be.

Get another Job and continue the fund with them.

In the mean time look for a private fund that will be accepted by companies that you may work for in the future.

You are gating to need all the retirement you can get when you get my age.

Answer 6

It depends. If the amount paid out is frozen, then transfer it. If the amount paid out is index linked, keep it.

Find a good Financial Advisor who can look at your situation.

Answer 7

Trnsfer it to another one and try to keep it going !!!
You will need it in the future !
Think ahead.
I would even ask a financial advisor for the best route to take x