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HELP! Pension?

I wonder if anyone in here can help me. I've have had a private pension plan for the last 10 years, and I been contacted by my pension company (CIS) that the government no longer contribute to my pension. I have been paying in around 70 per month for the last ten years which has been matched by the government. However, the pension is not performing as well as what everyone is expecting, and CIS want me to up my contributions. I have no faith in the pension scheme what so ever, and would prefer to invest the money I have in other areas. I'm prepared to forfeit the money that government has paid, but I've been told I can't access my money until I'm 65 as it is UK law! How can I not get access to my money that I have paid? All I can do is watch my money slowley dwindle down, is this correct or am I missing the point.

Thanks in advance,

Kevin

Reply to
Kevin Howell
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Go to

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and read their Pensions discussion board. If you want to post a message you will have to register, but there is no cost. You will get a lot of sensible answers.

Reply to
Terry Harper

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Welcome to the club - millions of people who wish to save for their retirement are left confused, worried and floundering over the complete lack of direction from this Govt over pensions. Many of us have worked hard, saved and invested in pensions only to see our money 'vanish'. The only people who seem to have good pensions are Public Sector workers.... and the best of all are MPs. Why should they care?

Reply to
John Smith

Ok thanks for your help, I will do that.

Kevin

Reply to
Kevin Howell

If you have a private pension (personal pension?) you can access the funds any time between age 50 and 75.

I don't know what you mean by 'the government will no longer pay into your pension'. If the payment into it from the government is actually the basic rate tax that you originally paid on the money you are paying as premiums, then there is no change here and this will still happen. If, though, the payment into it from the government is a SERPS (S2P) rebate, then that will have stopped because you have become self employed.

But you say that your contributions of 70 per month have been matched by the government. What, pound for pound? I don't think so.

There's something awry with the information you have provided.

Rob Graham

Reply to
Robin Graham

I'm not sure what you mean about government matching, but it is usually possible to transfer the money to another pension provider.

Reply to
Jonathan Bryce

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