Pension Transfers

[Radiowriter]

Hi,

I recently moved my pension to a new provider with the understanding that I could add monthly contributions to this lump sum.

I’m now told that they have set up two different accounts (one for this sum and one for new contributions) and that I can’t add to the lump sum of 9k which will mature in 25 years. Are they correct in not letting me add to this sum and are there companies that would let me transfer this value and continue contributing monthly to this amount?

Also should I leave it where it is or is there a better option given that I can’t withdraw it?

Thanks.

 

[F. Kruger]

They would probably have to set up a new policy number for the regular contribution. It's probably just an administrative thing.