Corporate pension

[Dr Jekyll]

Twenty odd years ago I got a job with a final salary pension. Since I had a private pension at the time it seemed sensible to join the final salary scheme since I was planning to stay 2 or 3 years at least and it was basically free money. I put the money I was currently putting into a private pension into AVCs, and left the firm 3 years later.

I've just received a pension statement relating to that firm's scheme, and it seems my pension from it will be 'at least' £59.64 a year, possibly a bit more if I wait a few years before taking it. Oh and the several thousand pounds of AVCs I put in? They went into equitable life.

[bogie]

You could get a transfer out value and put it into your own SIPP pension. You may be pleasantly surprised at the cash value if it was a defined benefit scheme that only gives you £60 a month....could be tens of thousands you can transfer into your own scheme and invest in some fund that will grow before you need it.

[DSLiverpool]

I had 2 years of a final salary at MK that I asked to be cashed out at 55 years and 1 day.
I took the 25% tax free which was a about £20k the rest of the pot is invested on drawdown.

[Dr Jekyll]

I've just re read it. The £60 a year is just one element, The total amount is around £1400 a year, + RPI since leaving the scheme. So not quite as pointless as I thought.