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Pensions advice please

Discussion in 'General Discussion' started by philstanbridge, 25 May 2006.

  1. philstanbridge

    Man of Honour

    Joined: 18 Oct 2002

    Posts: 8,096

    Location: West Coast of Scotland

    I've got a pension that has been frozen - this is going back 6 years or so now - I want to re-open it but I'm not sure what I need to do?
     
  2. merlin

    Capodecina

    Joined: 18 Oct 2002

    Posts: 20,665

    Location: England

    If a Financial Adviser set the pension up for you - talk to them.

    Otherwise - appoint one, they'll give you honest advice and it wont cost you anything.

    For all you know it may be a bad idea to start that same pension up again. It needs to be assesed properly.

    I've had two frozen untill last month where I got an IFA to get control of them for me - close them and transfer funds into a new one. The IFA told me that one of the pensions I had was currently growing at 0.011% per annum. Nice eh?
     
  3. philstanbridge

    Man of Honour

    Joined: 18 Oct 2002

    Posts: 8,096

    Location: West Coast of Scotland

    My problem is I had totally forgotten about this until recently, and I no longer have any documentation to support it. I am no longer with the company that set it up.
     
  4. philstanbridge

    Man of Honour

    Joined: 18 Oct 2002

    Posts: 8,096

    Location: West Coast of Scotland

    ..Also any recommendations on what to look out for regards an IFA?
     
  5. leaskovski

    Sgarrista

    Joined: 22 Oct 2004

    Posts: 9,086

    Location: Berkland

    Do you not have any payslips from when you worked for that company? Wouldnt that have at least some evidence that you were paying into a scheme?
     
  6. AJUK

    Man of Honour

    Joined: 14 Nov 2003

    Posts: 10,949

    I am in the same boat, I have had a pension frozen for about 8 years or so. I would have got a better return if I had put it in a bog standard savings account and that is even taking into account the tax benefits. :rolleyes:

    I will probably repoen my pension within a year or so and just put in some smallish contributions and forget about it, letting it grow to a modest amount over time. However, I think the best way forward is to have a 'raft of savings vehicles' (****** speak for lots of accounts :rolleyes: ) such as an ISA, a personal pension, high interest regular savings account, normal account, property and even some shoved under the mattress. Put a little in each and cover all your bases, after all, they can't all go belly up at once. :D

    I got stung badly in the early 90's with an endowmnet mortgage and so I view anything other than traditional savings with some suspicion.
     
  7. merlin

    Capodecina

    Joined: 18 Oct 2002

    Posts: 20,665

    Location: England

    You must have some paperwork knocking around?

    If you can remember who it was with they may be able to find your records anyway from name/date of birth etc.

    Where abouts in Scotland are you?
     
  8. philstanbridge

    Man of Honour

    Joined: 18 Oct 2002

    Posts: 8,096

    Location: West Coast of Scotland

    I doubt I'll have any payslips but I can remember the company - only thing is I started another job and I *think* the pension was reopened then but I cant remember :rolleyes: Seems such a long time ago now. Is there any way an IFA would be able to sort this for me? It's a mess.

    I'm in South Ayrshire, relocated from East Anglia in January.
     
  9. merlin

    Capodecina

    Joined: 18 Oct 2002

    Posts: 20,665

    Location: England

    http://www.unbiased.co.uk/?WT.mc_t=PPC&WT.mc_n=aroundture&WT.srch=1

    Enter your postcode - then onto the next page answer the questions.

    You dont need to enter your email address - just skip that and it'll take you to the results.

    Basically you're looking for the IFA to be FSA registered (which they will all be because it's illegal to give advice without being authorised by the FSA).
     
  10. merlin

    Capodecina

    Joined: 18 Oct 2002

    Posts: 20,665

    Location: England

    I think you need to write to your previous employer - HR person or department and ask them for details of the pension scheme (provider, reference numbers etc).
     
  11. Dr Who

    Sgarrista

    Joined: 11 Nov 2004

    Posts: 8,054

    Location: Wiltshire

    Just rememeber that IFA's charge fees now...

    You cannot call yourself an IFA unless you work on a fee basis...

    Barclays advisors are now multi market, this means they work on commission where it is payable, a panel of companies, or whole market if you insist/they cannot find suitable product on panel..

    Overall, you can get a much cheaper survice, and pensions advice on existing pensions can be given by their independant pensions specialist dept...

    :D
     
  12. merlin

    Capodecina

    Joined: 18 Oct 2002

    Posts: 20,665

    Location: England

    Some IFA's charge fees AND earn commission, some just take the commission.

    They have the choice.

    Mine got no fees from me at all - just commission on the new Pension which they disclosed to me was £210.

    Fact is - Barclays & all the other Banks etc get exactly the same commission as an IFA would. It seems like you're going "direct" talking to the bank, cutting out a middle man, but in reality - you aint - the branch you are talking to will earn commission, like the IFA would.

    Most IFA's have a much wider market base than the Banks.

    I got an IFA to get me a Mortgage deal - they came up with Nationwide BS. They got a deal I couldnt even get if I walked into Nationwide on the High Street and did it myself.
     
  13. Buttons

    Hitman

    Joined: 24 Oct 2002

    Posts: 979

    Location: Manchester

    Your pension if it's via your ex employer may be best left where it is.

    Occupational schemes frequently are linked to your salary growing at the rate of inflation (actually RPI) and not investment growth and are quite a safe bet just to leave ticking over.

    Company schemes frequently work on a 60ths scale so if you worked for them for 40 years, you'd get 2/3 of your salary on retirement. What that equates to as an actual fund could vary significantly, it may be next to nothing you'd get as a transfer value as the company would make up the shortfall when you retire.

    What it boils down to is that you need an IFA.
     
  14. Axis64

    Wise Guy

    Joined: 9 Nov 2003

    Posts: 1,138

    Location: Peterborough

    Phil give me a shout on MSN and i will help as much as pos, i work in pensions so i know a thing or two hehe
     
  15. philstanbridge

    Man of Honour

    Joined: 18 Oct 2002

    Posts: 8,096

    Location: West Coast of Scotland

    What's your MSN mate I've got hundreds of people on there - cant find you?
     
  16. Snash

    Mobster

    Joined: 18 Oct 2002

    Posts: 4,062

    Location: In the air with the balls

    Off topic philstanbridge but welcome to Ayrshire :) I remember your previous thread about moving - whereabouts in South Ayrshire did you settle?
     
  17. philstanbridge

    Man of Honour

    Joined: 18 Oct 2002

    Posts: 8,096

    Location: West Coast of Scotland

    I'm not far from Troon/Ayr mate, it's a lovely part of the world I'm glad I made the move.

    If you're on MSN please add me, its pdstanbridge @ hotmail.com
     
  18. Snash

    Mobster

    Joined: 18 Oct 2002

    Posts: 4,062

    Location: In the air with the balls

    .
     
    Last edited: 21 Mar 2012