pension help?

Question

hiya, i used to work for a company for about 1 year, during this time i paid into a stakeholder pension, does anybody know what hapens to the money paid in now i am not working at the company.?
i finished working there about 8 months ago, but i am unsure what has happened to the moiney>???

Answer 1

Hiya, you should be offered either a refund or what is called a deferred/frozen pension which you can then chose to transfer to another approved arrangement (eg with a new employer) or you can leave it where it is. The company should have contacted within 2 months of your leaving otherwise they are breaching Disclosure regulations so I would recommend getting in touch with your old Personel Department who should be able to give you contact details for the pension arrangement. Hope that helps.

Answer 2

Write to the Company address letter to 'Pension Trustees' and ask for information about transferring to your new Company (assuming the new company has a scheme).

In the 'old days' (before A Day) if you worked there for less than 3 years you could get the money back (minus Tax of courese) - however I think with stakeholder that's no longer possible .. ask the Pension Trustees = they will know what your options are ..


NB. One years contributions won't come to very much -- a Fee paying IFA is likely to cost you more than the pension is worth - and a 'free'' IFA is likely to suggest you transfer the lot into some high commission paying scheme that earns him 10% and earns you 1 %.

Answer 3

Its your money and its still there.

You can obtain info on your pension from your ex-company (or should be receiving paperwork from the pension provider themselves).

Ask to have it transferred somewhere else, maybe inyour new company pension scheme (if they have one), or into a private pension.

Ask an IFA