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When you move from one job to another, you may choose to leave your old occupational pension in order to start paying into one with your new employer. The old pension is sometimes referred to as a frozen pension as no one will be making any further payments into it.
Lots of people don’t know where to start when accessing or freeing the funds in their frozen pensions – in fact some people may not release they have a frozen pension at all! This is where our experts can offer their time-earned advice.
When you choose our services, you will benefit from the following:
When you leave the employer with whom you set up your pension you have a variety of options available. These include:
A frozen pension usually refers to one which is left where it is, without further payments being made. Despite the lack of payments, your investment will continue to increase (or decrease) in value until you retire and draw your pension.
When you have a frozen pension it means that you will not get any cash or money from your frozen pension. If you decide that you no longer want to class your pension as; ‘frozen’ then you can pay into the pension. The new rules state that if you pay into your frozen pension then your company or boss or manager will also pay into your pension. If you keep it frozen then your pension pot will not grow and then when it comes to retirement you may not have enough in your frozen pension.
Here is what we found to be the case why our clients have their pensions frozen:
It really does depend on your personal circumstances as to whether you want to keep your pension inactive, dead or frozen. However, you should try your best and plan for the future because a frozen pension that is simply sitting there and doing nothing will not help provide you with a good retirement and will not help your future. You should want to be able to face retirement with ease and be comfortable in the fact that you have enough money to live off. We are all now living longer and as a result we need to make sure we have enough pennies tucked away to help support our living.
So remember and always ask yourself; is it a good idea doe me to have a frozen pension? There is load of free information about this subject and it may not be a bad idea to read up about frozen pensions and what this could mean for you.
Problems arise with frozen pensions when some of the terms change when you leave the company. For example, you may lose benefits which pay out to dependents if you leave work and stop contributions.
Our advisers are more than happy to help you when it comes to your frozen pension. We have built up many years’ experience dealing with withdrawal, closure and release of frozen pensions, enabling us to offer solid advice you can trust.
If you have a frozen pension and you’re unsure where to turn for information, just ask our advisers. Contact us using the form on the page – we’ll be happy to offer advice.