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Ben Jones
Ben Jones, UK Lawyer
Category: Law
Satisfied Customers: 48795
Experience:  Qualified Solicitor - Please start your question with 'For Ben Jones'
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i have a couple of very small pension policies that i no longer

Resolved Question:

i have a couple of very small pension policies that i no longer pay into what can i do with them, what is best?
Submitted: 3 years ago.
Category: Law
Expert:  Ben Jones replied 3 years ago.

Ben Jones :

Hello, my name is XXXXX XXXXX it is my pleasure to assist you with your question today. Are you still working?

Customer:

i'm now self employed starting a new business but as yet i am not drawing a salary, before that i was un-employed for 3 years

Ben Jones :

Do you have any other pensions you are paying into now?

Customer:

no none

Ben Jones :

You can try and consolidate the pensions into one policy and they will remain there until your retirement when you can draw them out. Or you can just leave them as they are now and again just draw them when you retire. Some schemes may allow you to draw them early but there are likely to be penalties associated with that, although these would depend on the individual scheme so it is best to contact the provider to see whether that is possible and what the charges would be

Customer:

how do i go about consolidating them

Ben Jones :

you need to choose which one you want to transfer the money into then contact the relevant providers to tell them you want to transfer your pension over and they will advise you of what you need to do, such as complete a transfer form

Customer:

does it matter if they are different companies

Ben Jones :

No you can transfer them between different companies, I have done that in the past

Customer:

thank you, XXXXX XXXXX one which is old and the company no-longer exists but i can't find out you now holds it, any suggestions

Ben Jones :

this may help in tracking it down:

https://www.gov.uk/find-lost-pension

Customer:

ok thanks for your help and advice

Ben Jones :

you are most welcome

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