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Pensions - advice please 11:15 - Jun 25 with 777 viewsuefacup81

Morning!

One of the things I'm trying to do with the extra time I've got at the moment is to see if I can consolidate the smaller workplace pensions I've had in the past.

I worked for Norwich Union for a year in 2006-7, and was enrolled in their pension scheme. I've contacted them about my pension pot, and have been told I've forfeited it. They claim to have sent me a letter shortly after leaving the company asking me what I wanted to do with my contributions (I don't recall ever having received it). Apparently, because I didn't respond, I've forfeited my contributions (I'm assuming they've just been eaten up by Norwich Union/Aviva).

Can they legitimately do this, given that my contributions will have been monies taken from my salary and therefore, you know, mine?

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Pensions - advice please on 11:23 - Jun 25 with 746 viewsBloomBlue

Firstly was it taken directly from your salary? I know a lot of companies contribute to an employee's pension without taking it directly from their salary, although those companies will also offer the option of you adding extra contributions from your salary. I'm assuming in your pension contract it would also stipulate the rules.

I would be surprised if they only sent one letter, I don't see how that would be acceptable although I have to ask 2006-2007 is 13 years ago haven't you checked your pot during that period?
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Pensions - advice please on 11:31 - Jun 25 with 732 viewsKeno

Under old Final Salary scheme rules if you were a member less than 2 years the default option was that on leaving you received a refund of your contributions.

Somewhere in the paperwork when you leave Aviva there would have been a very small easy to miss box that if you didn't have a large enough microscope to see it and tick it asking for other options meant you got what you have paid in back

That would be less tax tax, obviously

PM me if you want to discuss

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Pensions - advice please on 11:33 - Jun 25 with 725 viewsuefacup81

Pensions - advice please on 11:23 - Jun 25 by BloomBlue

Firstly was it taken directly from your salary? I know a lot of companies contribute to an employee's pension without taking it directly from their salary, although those companies will also offer the option of you adding extra contributions from your salary. I'm assuming in your pension contract it would also stipulate the rules.

I would be surprised if they only sent one letter, I don't see how that would be acceptable although I have to ask 2006-2007 is 13 years ago haven't you checked your pot during that period?


I seem to recall it was a mixture of employer and employee contributions, so there'll have been some of 'my' money in there.

In honesty it's only probably a couple of hundred pounds, even now (I was there for a year, on £10,300 p/a, so hardly life-changing money)! I was just thinking it'd be interesting to combine some of these fag-end pensions and perhaps stick them in a slightly higher-risk fund to see what happens, without the risk of blowing a substantial investment!

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Pensions - advice please on 12:33 - Jun 25 with 631 viewsBasuco

I consolidated mine a few years ago and now pay for a twice yearly managed service, I used a pension adviser to do this work for me and select the most suitable fund, (I didn't have one before this) looking back at old paperwork some small pensions lost a lot of value during a time they should not have. A pension adviser might also have more luck than you with NU as they will know what should and should not happen in cases like this, sounds to me like they are fobbing you off in the hope you will just go away.
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Pensions - advice please on 13:08 - Jun 25 with 593 viewsBloomBlue

Pensions - advice please on 11:33 - Jun 25 by uefacup81

I seem to recall it was a mixture of employer and employee contributions, so there'll have been some of 'my' money in there.

In honesty it's only probably a couple of hundred pounds, even now (I was there for a year, on £10,300 p/a, so hardly life-changing money)! I was just thinking it'd be interesting to combine some of these fag-end pensions and perhaps stick them in a slightly higher-risk fund to see what happens, without the risk of blowing a substantial investment!


You'll be surprised how quickly pensions can grow which is why you should always start early.
If they did take pension money from your salary then from what little I know that should still be yours. Also be careful about moving it sometimes leaving it in a larger pension scheme is better. I think Keno was offering advise suggest contact him
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Pensions - advice please on 13:57 - Jun 25 with 540 viewsnodge_blue

I worked for them for alot of years. Too many to mention. And i did pensions admin for a while.

Are you sure they are not saying you missed the chance to ask for a refund but the contributions are still invested and the pot is available to transfer to another pension provider should you wish?

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Pensions - advice please on 14:20 - Jun 25 with 517 viewsElephantintheRoom

It's possible - but they have to pay back your contributions....make sure you get that proof.

Be very careful with consolidating any pensions - the charges and performance vary enormously

Its much better to start a self-investing pension plan and put your consolidated pots into safe(ish) shares with a good dividend. Ypu'll find the dividend gives you more than you'll get from any pension annuity AND you get to keep your own money when the worst happens

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Pensions - advice please on 14:29 - Jun 25 with 510 viewshampstead_blue

In short, call the Pensions Advisory Service.

https://www.pensionsadvisoryservice.org.uk/

They are proper pension specialists and will walk you through the options. Also look at their website as this gives you the basics of what you need to know.

If you are considering consolidating Money Purchase/Defined Contribution pensions, look at AJ Bell's SIPP.
Vanguard tracker funds are very cheap and a good place for passive equity investment.

I won't recommend the vast majority of so called 'active' fund management funds as they are NOT and are what's called 'closet trackers'. All they do is try and get close to a benchmark. They don't do anything when the wheels fall off and charge you a princely sum for the benefit.

I use my own analysis and a stockbroker for things I can't cover.

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Pensions - advice please on 21:52 - Jun 25 with 366 viewsjimmyvet

Pensions - advice please on 14:29 - Jun 25 by hampstead_blue

In short, call the Pensions Advisory Service.

https://www.pensionsadvisoryservice.org.uk/

They are proper pension specialists and will walk you through the options. Also look at their website as this gives you the basics of what you need to know.

If you are considering consolidating Money Purchase/Defined Contribution pensions, look at AJ Bell's SIPP.
Vanguard tracker funds are very cheap and a good place for passive equity investment.

I won't recommend the vast majority of so called 'active' fund management funds as they are NOT and are what's called 'closet trackers'. All they do is try and get close to a benchmark. They don't do anything when the wheels fall off and charge you a princely sum for the benefit.

I use my own analysis and a stockbroker for things I can't cover.


With the greatest respect they are not experts they are a government funded guidance service and all the information you get from them is readily available online. The experts are firms and individuals who are chartered financial planners they will give you the advice you need but you will have to pay an advice fee to receive quality advice.
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