23
Mar
2016
A question about : Unable to transfer pension
Actually asking on behalf of an irate work colleague who was too late to opt out of our company pension and now has been told he is unable to transfer his funds to his private pension.
Our company has told him that the 2 months monies he paid in which don't amount to a great deal can't be refunded back to him. So if his monies can't be transferred either I am assuming he has lost the money?
Best answers:
- Why does he want to opt out of his employers pension? Does the employer contribute? If so it would be foolish to not take advantage.
Has he lost the money? I would have thought it should stay there, presumably gaining in value, until he can access it. Perhaps when he leaves the company or retires. - If he can't do both has he considered suspending contributions to the PP and in favour of the occupational pension so as to get the employer contributions?
Would a transfer of the PP into the occupational pension (if possible) be worth considering? - Compliance, regulations, in that IFAs have to follow all the rules?
Category:
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