Hi,
I moved Jobs a number of years ago and and have an old company pension thats made up of
1). An old DB pension currently at just over 6k P.A and will increase annually as its revalued to a max of 4% per annum
2). A DC pension in the old company scheme
I currently have a pension with my current employer where I am maxing out my contributions.
I have some expenses coming up so I am just looking to see what options I have to fund them..
1). Borrow but I would have to reduce my pension contributions to cover it
2). Look at releasing some funds from my old company pension ( I just turned 50)
for option 2 above I would like to know what options I have. Based on my limited knowledge they are as follows
1). Leave them be. That means they are locked into the old company pension till I'm 65. Pension retruns are only ok but very low fees
2). Move the pensions to a new bond. This will give me the option to access some of the funds up to 25% of bond if I need them in the near future.
The next questions is would you just move the DC pension?
I assume to get a bond i just approach a pension advisor and they will recommend the one paying them the biggest commission ( Sync in me)
Any recommendations of bonds to review
Any drawback to doing this?
3). What would you do with the DB pension, Leave as it is or move it?
thanks in advance.
I moved Jobs a number of years ago and and have an old company pension thats made up of
1). An old DB pension currently at just over 6k P.A and will increase annually as its revalued to a max of 4% per annum
2). A DC pension in the old company scheme
I currently have a pension with my current employer where I am maxing out my contributions.
I have some expenses coming up so I am just looking to see what options I have to fund them..
1). Borrow but I would have to reduce my pension contributions to cover it
2). Look at releasing some funds from my old company pension ( I just turned 50)
for option 2 above I would like to know what options I have. Based on my limited knowledge they are as follows
1). Leave them be. That means they are locked into the old company pension till I'm 65. Pension retruns are only ok but very low fees
2). Move the pensions to a new bond. This will give me the option to access some of the funds up to 25% of bond if I need them in the near future.
The next questions is would you just move the DC pension?
I assume to get a bond i just approach a pension advisor and they will recommend the one paying them the biggest commission ( Sync in me)
Any recommendations of bonds to review
Any drawback to doing this?
3). What would you do with the DB pension, Leave as it is or move it?
thanks in advance.