How do I know which types of pension arrangement I belong to?

Asked by katie.jenkins

2 Answers

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Answered by Darren Smith, IFA in Basingstoke, HAMPSHIRE
i'm not quite sure what you mean on this but i will take a guess that you have paperwork and are trying to identify what it relates to?

if you have been a member of a final salary pension and made it to at least 2 years of service, you will have deferred benefits in that scheme and might get an annual summary of benefits - but not all companies send this once you have left the employer although you can request them at any time.

in terms of personal pension types you should get paperwork from the pension/investment companies and if these are attached to former employers they will mention it on the scheme name ie "The Tesco Stakeholder Pension".

stakeholder plans will always carry the name so if you dont see the word on the paperwork, its a good guess that it is a personal pension which might be an older style contract but could also be a recent one.

if your question was relating to "do i have a pension with anyone as i am not sure" you can try the pension tracing service but they will ask you for details of who you have worked for, and you would already know this and could check with the old HR departments.

in terms of personal pensions that you have paid yourself, old bank statements will help.

if this doesnt cover what you meant, can you explain in a little more detail what you were hoping to find out.

thanks | 01.18.11 @ 15:11
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$commenter.renderDisplayableName() — {comment} | 08.20.17 @ 21:04
Answered by Paul Ross DipPFS CII(MP&ER), IFA in Bourne, LINCOLNSHIRE
Feel free to contact me and I should be able to tell you straight away.

But the paperwork should tell you. If there are units involved or a fund is mentioned, this will be a money purchase scheme, which is, in simple terms, a personal pension.

If the employer has given you an indication of what pension you may receive at retirement and there isn't mention of your money invested in terms of a fund value, it may well be a final salary scheme, the gold plated pension schemes | 01.19.11 @ 07:31
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$commenter.renderDisplayableName() — {comment} | 08.20.17 @ 21:04
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Answered by

Darren Smith
Darren Smith, IFA in Basingstoke, HAMPSHIRE

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