A Question about Pensions . . .?

Question

My husband was recently made redundant. He has now received a letter about the pension he has. They want to know if a) transfer pension to any personel pension plan he may have or b) transfer to new pension plan with new employer. My husband has neither a personel pension plan nor a new job. Can he have this money transferred to his State Pension Fund? If not, any suggestions. We are both in our mid to late 40's so it appears too late to start up a personel pension plan or, is it ....?

No Pebbles, when I looked at other related questions this particular one hadn't been asked.

But thanks for taking the time to point it out!!! (I think)

Answer 1

he can leave his pension with his old employers scheme and take it at his schemes normal retiring age
there are a lot of protections built in to these schemes and benefits
transferring funds has a transfer penalty so may not be advisable
its not to late to start a private pension scheme but if you have no income is it a priority

see an independent financial advisor who specialises in pension transfers

Answer 2

A financial adviser is what you need. But basically your husband can set up a Stake Holder Pension the charges are ruled by the Gov of no more than 1%. My independent financial adviser has just moved my personal pension (charging 6% + £40 admin a yr) to a Stake Holder charging 1% Scottish Widows. His fee is paid by them. (In my 40's too)

Answer 3

definitely not too late, I'd be looking at Roth IRA's --
not a finance officer tho' -- suggest you chat with a few
investment folks to determine your best options.

Answer 4

Didn't you notice that this question had been asked by a previous member when you typed it in