J4CKO

iTrader: (1)

Got my annual letter off 'Freinds Provident' today regarding the pension I took out aged 16 when I started my aborted career in the airfreight industry, two nice chaps came in and got us all in the office one by one and gave us some financial advice, aged sixteen apparently I needed a pension !

Anyway, I signed up and paid into it for a while (cant remember how long) but time went on and Freinds Provident demutalised so I got the benefits (800 quid I think) but the pension is still running and to be honest I cant be arsed with it as there is so little in it, I dont intend putting any more in as I am in the LGSS (Local Goverment Superannuation Scheme) which is meant to be better than any private provider.

So I was thinking can I transfer it into my LGSS scheme or even better cash it in and get a Plasma Telly or some other pointless item ?

I dont know anything about pensions, so the details are

Contracted out of Serps 'with profits'

Plan value on 24 June 5059.78
Transfer Value on 24 June 4469.05

Giving me a possible taxable yearly pension of 636, i.e. whats the point of leaving it running ?

imlach

While the transfer value is £4469, I don't think this means you'd get £4469 in cash if you stopped it.

You would only get £4469 IF you transferred it into another pension scheme.

This is due to the tax relief etc that you would have benefitted from on your monthly deductions at the time.

So, in essence, I'd probably transfer it to your new scheme.

J4CKO

iTrader: (1)

I see, that makes sense but does that mean there is no possibility of getting a proportion of the cash now ?

fast bloke

you can't get your mucky paws on it until you are 50

Tiggs

"Giving me a possible taxable yearly pension of 636, i.e. whats the point of leaving it running ?"

i'm no expert...but i think the point is to give you £636 each year.

T

3times

Looks to me that all they have done is contracted you out of SERPS. This means that instead of part of your NI conts going to the government to fund your state pension it was given to FP. If this is the case you do not recieve it until you are at pension age (65).

If I was you I would leave it where it is as you will be taking a huge hit on the fund to transfer it and FP's with profits fund is about as good as all the rest.

I do not think you can transfer it to your existing scheme as I believe that local goverment schemes will not accept transfers. You can only transfer to another insurance company.

J4CKO

iTrader: (1)

yeah but 636 quid ?

They are sending me the transfer forms, will see what the LGSS scheme say.

Cheers for the info !