Pension Questions

[JAG]

<font color='#000080'>Dear all

If anyone could provide any information / advice, I would be extremely grateful.

I got divorced about 8 months ago, and part of the settlement was part of my pension, a total of approx 11K. Her solicitor arranged with my pension company (AstraZeneca) for a transfer to her pension company (Abbey Life) last year. The problem is this. My ex-wife has received the original cheque for @ 11k from Abbeylife (made payable to Abbey Life, dated November last year!) stating that they are no longer taking new business, but my ex-wife is a current policy holder with them and has been for years. I’ve told her to ring them up and get clarification on things.

If this is the case and for whatever reason she is unable to pay this money into her pension, if I go back to Astrazeneca would I be liable to pay all over again for a pension transfer. Last cost was about £700.00.

Also could anyone advise as to a decent type of private pension plan for her incase she has to transfer her current funds along with the money she will get from mine? It will be based on voluntary contributions, but not an awful lot as she is bringing up my two kids.

Thanks guys.

Worried of Essex.

[Fathoms Down]

Well, my area of fiancial expertese is investments so I can't guarantee that anything I'm going to tell you is correct or helpful &nbsp; The best thing to do would be to have a chat with an IFA (PM me if you want the number of mine).

However, what you have said doesn't seem to make much sense. If your wife is an existing policy holder and her policy allows her to make non-regular deposits then she should be able to pay the money in. It sounds like Abbey are getting confused and believing she is trying to open a new policy.

If they don't allow her to put money into the policy when she likes then she has a few options; she can move the policy to someone who does (this may cost money but you can often end up making more money in the mid term by getting a better policy), she can open a second policy with another provider and put the money in there or invest it in tax free savings (more risk but often better return).

I used to move about between jobs quite a bit so I have two pension policies but even so I'm not a fan of pensions so I put most of my money in investments as they tend to offer me the best return at the moment. However, pensions and investments are complex as they have to maych your circumstances so the best thing for her to do is keep professional advice.

[Jay]

Its odd they sent it to your wife as pension transfer cheques normally go from provider to provider. Get infront of an IFA or PM me and I'll get some details about a Pension Transfer company in Sheffield who do these much cheaper than £700!

[Richard Greenwood]

I work for a large life &amp; pensions company, and according to a colleague here, Abbey Life have been closed to new business since 1997. The cheque should never have been sent direct to your ex-wife anyway.

As has been said previously you will be best speaking to an IFA. You can search for an IFA at www.sofa.org or send me a PM &amp; I could put you in touch with IFAs I know in the Leeds area.

[JAG]

<font color='#000080'>Thanks for you advice and PM'ing me some numbers. Halifax have said that they don't accept transfers anymore either, although they have said they can take payments from my ex-wife?!

I need to speak to my old pension company to see if they can take the cheque back and either re-issue to her in her own name or if they will re-issue to another pension company with minimal costs involved. Once I have that information then can move on.

Thanks again,

Ian