Glowy69 wrote:smurphy wrote:So I've got £400 in my pension fund from my old job, and my current job only accepts transfers in of over £1000. What can I do with this money?
I would also like to know this. Ive got over 12k in an old comet pension with standard life. Ive got no idea what i can do with this
£400? There’s not a lot you can do with it if your current pension provider will not accept that low a transfer. Once you reach 55 you will be able to cash it in but otherwise it will be stuck there unless your pension scheme changes the rules or you move somewhere else with different rules.
£12k? Same as above really, although you should have the option of transferring it to another arrangement if you want to. Transferring isn’t always worth it though, check the different scheme rules, investments, guaranteed rates etc etc. One thing to definitely check before transferring it is if you are entitled to a protected cash lump sum (this would give you a tax free cash lump sum of more than 25%), that would be lost on transfer. Just lumping everything together sounds like it is neater, but it is not always worth it and you could end up worse off.