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Anyone on here good with pensions etc?

saxo_appeal Avatar
7y, 3m agoPosted 7 years, 3 months ago
Hey folks,
Ok the deal is, I was with my employment for a year and half, I accumulated with employer contributions £1877.92.
I have been offered a transfer of the full amount to another scheme or a cash refund of £438.79 (1877.92 minus 20% tax without employer contributions)

Question I have, is there any company that I can transfer the full amount to then stop just after a year? My present company don't do pensions within the first year.

Im just going to put whatever money I get whether now or in the future to my kids account for saving :)

thanks all
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saxo_appeal Avatar
7y, 3m agoPosted 7 years, 3 months ago
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(24) Jump to unreadPost a comment
Comments/page:
#1
Put it all on black number 28 :shock:
#2
take the cash refund - enjoy it now while you can -

you can easily do this yourself - dont go through a third party as they take a certain %
#3
Yeh I'm thinking of just the cash refund and sticking it in a high interest account, maybe one we can't touch for a good few years

haha sticking it all on black might be cool, don't think the other half would be too happy though lol
#4
why dont you add the extra couple of pounds and get £500 premium bonds for kids - ok you wont earn any interest but the way savings are at present - it doesnt account for much

at least with premium bonds money is always there and you might win the odd prize:thumbsup:
#5
Yeh seems a good idea thanks
#6
saxo - hope people who read this thread think like you - so many people paid into pensions for a few months - years - and it will just sit there - by the time it comes to them retiring it will be worth diddley squat and also screw them up for other benefits

ok some people might disagree with me - but i say cash them in enjoy it now - it is easy to do yourself
#7
Speak to an IFA.
#8
bigsky
Speak to an IFA.


+1

You could cash it in, but then who is to say that there will be any benefit system worth anything when you come to retire? Depends how old you are and what your earnings potential is for the future, but definitely worth a chat with a IFA. This shouldn't cost anything just for an initial discussion.
#9
bigsky
Speak to an IFA.


leet_first
+1

You could cash it in, but then who is to say that there will be any benefit system worth anything when you come to retire? Depends how old you are and what your earnings potential is for the future, but definitely worth a chat with a IFA. This shouldn't cost anything just for an initial discussion.


i know it doesnt cost ''nothing '' to talk to IFA - an Independant Financial Advisor - but call me a cynic - they earn their money from commission so i would - if i was an IFA - advise to put money in Harry Potters Big Cashback Scheme or the like and take my 20% commission therefore leaving the depositee with only £400 out of £500 to put in - then we have administration charges by the company - leaving maybe £300 - 350 invested - wasted
[COLOR="Red"](please note: all above information is strictly hypothetical based on real life common practice)[/COLOR]

there is a lot of info available to us on internet - cant go wrong:thumbsup:
#10
holly100
i know it doesnt cost ''nothing '' to talk to IFA - an Independant Financial Advisor - but call me a cynic - they earn their money from commission so i would - if i was an IFA - advise to put money in Harry Potters Big Cashback Scheme or the like and take my 20% commission therefore leaving the depositee with only £400 out of £500 to put in - then we have administration charges by the company - leaving maybe £300 - 350 invested - wasted
[COLOR="Red"](please note: all above information is strictly hypothetical based on real life common practice)[/COLOR]

there is a lot of info available to us on internet - cant go wrong:thumbsup:


A that advice comes from someone that suggested Premium Bonds - one of the WORST investment products on the market!!!

:roll:
#11
bigsky
A that advice comes from someone that suggested Premium Bonds - one of the WORST investment products on the market!!!

:roll:



didnt say premium bonds were an investment:thumbsup:

might as well put money in them as a saving accs giving 0.5%

at least your moneys safe - unless theres a military coup - or we get invaded by aliens etcetc:w00t:
#12
holly100
didnt say premium bonds were an investment:thumbsup:


So what is it then?

holly100
might as well put money in them as a saving accs giving 0.5%:


Agreed. But putting the money in a good performing savings account (Citibank 3.3% AER or IF 2.85%AER) will produce a greater return. However if you haven't used your ISA entitlement for the year you can get 3% from First Direct at the moment and remember that's TAX FREE :)

holly100
at least your moneys safe - unless theres a military coup - or we get invaded by aliens etcetc:w00t:


It is very safe. As is your first £50k with any UK registered bank under the Financial Services Compensation Scheme (FSCS).


I made my original post recommending an IFA because this isn’t some debate about what the best washing-up liquid is, or if tesco's chicken tastes nice or not, it's about a chunk of money that can seriously affect somebody's financial security. So my advice is that you should seek help from a professional not rely on the ranting of a random poster (and that includes me :whistling:) on hotukdeals!

Shop around for an IFA like you would shop around for anything else. Take some advice from friends and family. Find someone you like that you think can help your money grow.

Finally: Don’t take investment advice from high street banks – they haven’t got a clue about money!!
#13
Thank you ever so much everyone for your help
#14
Saxo

Do your research first before cashing in by trying these sources:

[url]www.thepensionservice.gov.uk[/url] (you can order a pension forecast online) or speak to someone at Pension Forecasting Team: 0845 3000 168. The State Pension Forecast only predicts your state pension based on the National Insurance you have paid so far (the amounts can change depending on your circumstances when you retire or changes in the law).

Look for CASH ISA accounts - these are like TESSAS and are tax free savings accounts which gives a higher interest rate than normal savings.

The Premium Bonds didn't work out for me so I cashed those in last week and put the money in my children's Child Trust Funds.

Good luck and let us know how you get on 'cos I find the pensions so confusing.
#15
Could ask my Granddad he's a whizz. He gets his every Wednesday.
#16
Just went for a cash refund in the end :)
#17
saxo_appeal
Just went for a cash refund in the end :)


.....and what will you do with the cash?
#18
I'm just sticking it in my savings account mate, just till the kids born and I'll get something for him/her
banned#19
saxo_appeal;6379262
Yeh I'm thinking of just the cash refund and sticking it in a high interest account, maybe one we can't touch for a good few years

haha sticking it all on black might be cool, don't think the other half would be too happy though lol

why on earth would you want to turn £1800+ into £438 cash?

most pension shcemes allows full transfers
banned#20
holly100;6379329
saxo - hope people who read this thread think like you - so many people paid into pensions for a few months - years - and it will just sit there - by the time it comes to them retiring it will be worth diddley squat and also screw them up for other benefits

ok some people might disagree with me - but i say cash them in enjoy it now - it is easy to do yourself

utter rubbish!
#21
I always consider the date I'm going to die when thinking about my pension.
#22
chri1143
I always consider the date I'm going to die when thinking about my pension.


mmmn if you thought you might not make it to pension payout age is there a way you can take it back. Just wondering.
#23
in before kfc and bg1 lol
#24
Ach I decided the money is going to pay for a pram and a cot, things we will need :)

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