Hi Refuge,
I have a frozen pension with yourselves U952862 and want to combine my works pension with this?
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mikebergin7_
3 months ago
Expert Financial Adviser Answer
Dr David Carter FPFS
answered 3 months ago
Hi.
You need to contact Refuge direct, not via this site, to find out the situation.
Pensions normally can be combined, but the cost might outweigh the disadvantages. If you have a works pension which is being contributed to by your employer, then do keep that one going and, if anything consider transferring the Refuge pension into that. At any rate, do be clear about why you want to combine the pensions. Although it might feel 'cleaner' for you, there may not be any actual financial advantages.
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You need to contact Refuge direct, not via this site, to find out the situation.
Pensions normally can be combined, but the cost might outweigh the disadvantages. If you have a works pension which is being contributed to by your employer, then do keep that one going and, if anything consider transferring the Refuge pension into that. At any rate, do be clear about why you want to combine the pensions. Although it might feel 'cleaner' for you, there may not be any actual financial advantages.
Expert Financial Adviser Answer
Richard Salter
answered 2 months ago
Agree with David. Care needs to be taken transferring any pension especailly where employer schemes and employer contributions are involved. It can also be the case that older plans which might now be seen as 'rip-off' actually start giving back in other ways the longer that they are held. So even if you know you paid through the nose for an older pension plan when it was set up you might now be pleasantly surprised to find that the plan is perhaps now awarding bonus units after say the tenth anniversary, the ongoing management charges are below average and/or there are very valuable guaranteed annuity interest rates built into your older plan - which no-one is brave enough to offer any such guarntees nowadays!!
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