After hearing from the Pension Regulator that my old employer will be paying into the pension scheme they have setup, I thought I would log in and see if there is anything there.
No surprise! Its empty, no payments made yet. Now the plus point of this pension based on the intro session we had at work was that this pension was a personal pension, so we could take the pension account with us when we left the company and still operate it alongside any other pension we may sign up to.
Now that sounded like a good thing, the fees are supposed to be low too, lower than my current stakeholder pension so this could be a useful vehicle in which to invest my spare cash. I have read the blurb on the site and it appears that I can operate this like a SIPP and select the funds and shares I want to put into this account.
Maybe this will be a useful account for me after all. I was going to look at closing it but if I can invest in other funds with my pension money rather than their selected fixed funds… then this could offer me more options that my current ISA and personal pension can provide.
I can deposit money and get my tax relief and pick the funds I wish to invest in. I need to read some more on this and work out the costs but it looks like a good option and I will continue to research this. In the meantime, I need to contact the Pension Regulator again as I need to know if there has been a deadline set with my old company – as I really can’t see them ever paying any money into this account. If they do, then that will be a blessing and great news – but – at the moment I feel like its a promise they will not keep.