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UK Pension address change woes

UK Pension address change woes

Old Feb 21st 2008, 4:54 am
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Arrow Re: UK Pension address change woes

Originally Posted by chicagojlo
I believe you have to be resident in the UK to actually open another pension policy if you were hoping to open a new one to put them all in, even if you won't be making any new contributions. You would be better off seeing if you could transfer them all in to one of your existing ones I suppose, but transfer fees can be quite high.
You could still pay into a UK stakeholder (upto £3,600 pa) but you wouldn't get the tax relief on it, so you would be better of saving the same money in a US or UK account unless you are going to be returning to the UK in the future..

You could consolidate your pensions but for each pension of less than £15,000 it is not generally worth it. Company schemes are good schemes
(as long as they can pay out the scheme at retirement - many are in deficit even now) and will pay a pension that is inflation linked in most cases.

I guess against that, is that they only trickle up by inflation per year (2-3%) when arguably you could do better in a personal one over 5 yrs + (depends on one's risk/reward attitude). Company schemes die with you (or your spouse) whereas a personal one can pay a spouse a pension, or income out for their life or a lump sum (less tax) before age 75 which could be attractive.

Consolidating pensions can be useful for the above reasons but generally not cost efficient unless your funds equal £50-75,000 or more.

As for not using US addresses - what rubbish - they just dont want the extra postage cost of international addresses! many US firms are the same sending post to UK addresses

general comments only - not intended to be relied upon as advice
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