Mature student with pension - what to do next?

C

claddagh71

Guest
Hi,

Have returned to college as a mature student and as such will not have an income other than summer work (which will supplement the next college year costs) for the next couple of years.

I have retained my existing pension in that there were contributions from my previous employer and I didn't want to lose them by cashing in...not to mention the 20% tax on my own contributions!

So, should I just leave the pension as is with the existing provider or is there a better option/location for a pension with no regular income / contributions for the forseeable future?

Thanks for any inputs,

C71
 
If cashing in or transferring to another occupational scheme are not options then you can either leave your pension invested in your former employer's scheme or transfer it for a . As ever there are pros and cons to both (check back through this forum for topics discussing these). Also as ever you should pay careful attention to charges (e.g. leaving your fund paid-up in your former employer's scheme could still result in a monthly policy fee being deducted through encashment of units), flexibility, choice of funds, ease of administration, implications for vesting periods (e.g transferring from one occupational scheme to another some time in the future also transfers in time served/vesting time) etc. Note that if you leave your fund in your former employer's scheme you can always transfer into another occupational scheme in years to come.

Hope this quick summary helps in some way!
 
Thanks!

Clubman,

Thanks for the summary - all the keywords are there for me to follow up with the pension folks!

Much appreciated,

C71
 
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