i took out a private pension a few years ago.was advised to freeze it because i entered a company one.my company arent accepting any transfers and ive been told by natwest life that i cant claim my money until i retire by then there will be nothing left because admin fees wiil swallow it up!what if anything can i do.
2007-01-02 08:44:00 · 2 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
I am far from an expert in this..but I think there is some sort of ombudsman you can apply to if you have been mis-sold a pension?
Try the Citizens Advice Bureau. They deal with this kind of stuff a lot. I've assumed you are British?
Silly me! Nat West!.....of course you are
2007-01-02 08:51:16 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Depends where you are - 'natwest' suggest you are in UK, so is my answer ...
1) The Law on Pensions changed on 6 Apr 2006. You can now have as many Pensions as you like and you can contribute your entire salary !
2) As far as I am aware, all Pension Schemes must, by law, allow you to Transfer 'out' (so the Company MUST offer you a Transfer value - but it may not be worth it).
3) You have to Retire to start getting Pension payouts - as of today you can Retire 'early' if you are age 50 (or older) = this applies ONLY to your Company/Private Pensions (you still have to be 65 to get 'old age pension').
The Early Retirement age will change in future...
4) You can 'Retire', start collecting your Pension AND keep on working !
Check out some of the links below :-
2007-01-03 12:00:00 · answer #2 · answered by Steve B 7 · 1⤊ 0⤋