Pension options

T

tazmania

Guest
Hi
first time poster but frequent visitor to the site. Would be delighted if someone could offer a bit of advise.
I built up a bit of a pension about 17k but am over the 2 years in it so now i cant take it out. I dont work full time any more and no longer pay into it. i got a letter from the pension admin and they want me to move it into something called a personal retirement bond, in fact they are pushing it which makes me sceptical :rolleyes: . my options are - 1) take the offer to move with an uplift on fund value. 2) do nothing - and they may move it anyway if they get approval 3) continue in existing scheme which they seem to like least!!! Any suggestions?????
 
Choice (4) take control of your own finance and move it to your own choice of pension product either in your own name or in your new employer's pension plan (if there is one) - that is the one I'd go with!
 
thanks for the reply but according to the admin of the pension there is no 4th option. Would i be correct in saying that a PRB is just like a bank account where the money just sits until i retire (and at which point i might be able to buy a newspaper and a litre of milk with it) or is it still being invested? i am so annoyed i didnt take it out in time, 17k would be handy now but wont do much when i am 65.
 
No cant cash it. there is some law regarding pension that once 2 years passes the money is locked in - if i had known this i would've took it and ran!! but now my options are based on keeping it till i retire and although its not much it is soooooo annoying to know its there and i cant get it .i really just want to make the best of this situation now. does anyone know if i could transfer it to a PRSA and continue to pay it? i have no pension in work now as i am temping.
 
You can transfer it to your own PRB and invest it as you wish (that is what I meant by take control of your own finances).
 
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