Which pension provider?

Hi Forum,

This is a query which all of us might have had at some point of time. I recently joined a new organization, and unlike my previous one, they have a contributory employee pension scheme.

Under this scheme the company will deposit a percentage of my basic salary with a pension provider of my choice. They also have a default provider called Prudential, in case I do not want to go for my own.

Now, my stay in the UK is incumbent on a number of factors, including my ability to secure visa extension every couple of years. The point being, I might have to return to india after a period of time. From what I hear, you can access the pension contributions only after you have retired, which maybe somewhere from 55-58 years for me.

My question is this:

1) Which provider one should go for so it is easy to gain access to the money from india if need be?
2) Is it possible to get the money earlier, lets say when I return back to India, or even before that while I am about to go back to India, but am still in the UK?
3) Any feedback on Prudential as a pension provider?
4) Any feedback on other pension providers?

Looking forward to hearing from the senior and experienced members of the group.

Regards

InUkOnHsmp wrote:Hi Forum,

This is a query which all of us might have had at some point of time. I recently joined a new organization, and unlike my previous one, they have a contributory employee pension scheme.

Under this scheme the company will deposit a percentage of my basic salary with a pension provider of my choice. They also have a default provider called Prudential, in case I do not want to go for my own.

Now, my stay in the UK is incumbent on a number of factors, including my ability to secure visa extension every couple of years. The point being, I might have to return to india after a period of time. From what I hear, you can access the pension contributions only after you have retired, which maybe somewhere from 55-58 years for me.

My question is this:

1) Which provider one should go for so it is easy to gain access to the money from india if need be?
2) Is it possible to get the money earlier, lets say when I return back to India, or even before that while I am about to go back to India, but am still in the UK?
3) Any feedback on Prudential as a pension provider?
4) Any feedback on other pension providers?

Looking forward to hearing from the senior and experienced members of the group.

Regards

I don't know how old you are now but assuming that the UK retirement age for men is upped to 70 as they're referring to then you don't have that long to wait!

1) Professional advice, the company itself advice that if you want better advice!
2) Not sure, but i doubt you'll be able to access it until you hit retirement age
3) www.google.co.uk
4) As above

I don't trust any pension scheme - I used to be an accountant, jacked it in for IT riches, but the last firm I worked for, early 90's recession, we spent it! All the pension fund went on raw materials for an ailing business, ie a big black hole.

My part in that gives me bad dreams, I'm sure lives were ruined by my hitting return on my 286 running GEM and Lotus 123 for DOS...

The only thing u can rely on now in UK plc for u pension is ur own wit and guile in dodging the bailiff....

Thanks for your response meats and wanderer.

"I don't know how old you are now but assuming that the UK retirement age for men is upped to 70 as they're referring to then you don't have that long to wait!"

I am not sure what you mean, can you rephrase it?

"1) Professional advice, the company itself advice that if you want better advice! "

the same, as above, please clarify.

Wanderer, thanks for your tip, however, I dont really have an option for NOT going with any pension scheme, since that is how the payroll in this company works, and I doubt they will make exceptions.

I am still looking for personal feedback and comments from people who do have pension policies with Prudential or otherwise, and are planning to go back to India in a couple of years.