- April 6, 2024
- Posted by: legaleseblogger
- Category: Related News
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# Seeking Advice on Pension Fund Transfer and Investment Options
Hi enlightened folks,
My wife has about £10K pension from her previous employment that is sitting in The People’s Pension. She has now changed jobs and is on a different pension plan now, so we are wondering whether this £10K of money can be withdrawn and deposited in a current account? Also we are planning to invest this in an ISA Stocks and Shares. Is this a sensible move? Also we are absolute novices and have no idea how to go about it. Any advice/tips/guidance would be very welcome.
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I hope from reading the wiki and the bumph which came from TPP you have worked out that pensions are retirement savings. Until you reach retirement age you can change providers, you can change funds, but there are very few situations where you can withdraw cash in any form.
If it’s any consolation the employer and HMRC contribution typically make pensions very good ideas even if you are sacrificing short term goals for the potential ability to retire with some degree of comfort.
Hi /u/athar707, based on your post the following pages from our wiki may be relevant:
* https://ukpersonal.finance/pensions/
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She can’t access it now to put in an ISA, but your wife should be able to ask her new workplace pension to transfer in the old one. This keeps everything inside the pension wrapper protected from tax ready for retirement.
Please show her https://ukpersonal.finance/pensions/#Should_I_transfer_and_merge_old_pensions (and generally all of that page) so she can consider whether merging is a good idea, it’s perfectly reasonable to keep them separate too as they’ll still both grow the same whether together or separate.