Help needed here please...

[moneyhelp]

Pension funds transfer

My post!

Can anyone help me please?

[The Phantom]

Hi

I just replied to your post on my thread
It is true that most funds won't pay you the money out, Nat West won't either, although the amount is negligable and the plan is doing poorly, their charges are higher than the return, therefor the amount is fading away from year to year
They said all I can do is
a) leave it (it will reduce to 0 over the next few years)
b) leave it and make contributions again
c) transfer it into another approved scheme

I tried to transfer it into my employer's pension scheme but they rejected the transfer
So that's the end of the road for me
The money in that fund, although it is mine and the tax man still makes contributions to it (as I opted out of the government scheme) I cannot do anything with it and just have to watch it waste away
It makes my blood boil, just a waste of my money
If anybody else reads this and has some other ideas, please let us know, but I have a suspicion we have been "had" by these schemes

[moneyhelp]

I have replied on your thread....

Thank you for your replies so quickly too.

This has made my blood boil to be honest. I was forced into leaving my previous job due to ill health, struggling on benefits knowing that I have £1.5k sitting dwindling away.
By the time I am at an age where I can take it out there will be nothing left.

This suxs BIG time!

[The Phantom]

It sure does, but I really do not know what else to do.
I can't believe you can't have it paid out or at least transfer it with guaranteed acceptance by other plans/ schemes.
I almost fell off my chair when I was told my current scheme could just reject the transfer !

[moneyhelp]

I am not going to give up on this - I will see what I can find on the www and keep this updated.

I am so p**ed off!

[beccus]

Phantom, I think there are restrictions on the type of pension that you are allowed to transfer too, depending on the type of pension you are transferring from - its about compatibility i believe. Have either of you spoken to an independant advisor? try Find an independent financial adviser - IFA - www.unbiased.co.uk

Becca

[The Phantom]

No, I haven't really, because we are talking about £245.- here, which would do far better in a normal savings account or my son's child trust fund, hence such small amounts should be paid out upon request

[moneyhelp]

Originally Posted by beccus

Phantom, I think there are restrictions on the type of pension that you are allowed to transfer too, depending on the type of pension you are transferring from - its about compatibility i believe. Have either of you spoken to an independant advisor? try Find an independent financial adviser - IFA - www.unbiased.co.uk

Becca

I have looked at the site you suggested. I am on benefits due to illness, so I cannot possibly afford to pay a IFA - This is my whole reasoning for getting MY money back.
I see the CAB early August, I will run it past them.
Thanks for your advice.

[The Phantom]

Please post if you get any ideas or any advice on how to tackle this

Many Thanks !!