My husband has had 3jobs now on his fourth ,over the past 25yrs.In each job he has paid into company pensions before getting made redundant,having to leave what hes paid in,to each companys scheme.He is now in a new jod, with another scheme,,that only pays a percentage, which he can top up if he chooses.Can we amalgamate them into one big one,to get a decent pay out, or will he recieve bits fron each and every one.And how will this effect a state pension if he does not get enough.
2007-01-04 22:04:18 · 4 answers · asked by suze 4 in Business & Finance ➔ Careers & Employment
Susie are the other plans actually pensions? or 401ks? Usually employees do not contribute to their own pension, pensions are generally paid 100% by the company.
If they are 401k, is it relatively easy to transfer the money from one plan to another.
I would only do that if his new plan is not just his own company stock, remember Enron.
2007-01-04 22:15:18 · answer #1 · answered by Gem 7 · 0⤊ 1⤋
I was made redundant after 20 years with one company. When I joined the local council, I made enquiries and was allowed to "buy" additional years in their scheme using the money stored up in the old pension fund. So yes, it can be done, whether your husband will be better off is for him to find out. Consult a financial advisor. Just re-read this, I am speaking here from the viewpoint of the United Kingdom.
2007-01-05 06:16:33 · answer #2 · answered by Raymo 6 · 0⤊ 0⤋
You can but it may cost you in transfer fees, best of talking to a financial adviser.
2007-01-05 06:11:12 · answer #3 · answered by jock_stevenson 1 · 0⤊ 0⤋
dno ask google
2007-01-05 06:07:34 · answer #4 · answered by Davran 1 · 0⤊ 0⤋