Pension from old job

Springfields

I worked for a large telecommunications company over 10 years ago, was there for 8 years. While there I joined the company pension scheme and contributed for maybe 5 years out of the 8.
I get statements from them every year and the fund is currently worth around 42k.
Question is what's the best thing to do with it? Or what are my options? I gave up my last job 2 years ago and am currently a stay at home parent, however I do intend to go back to work, hopefully next year...
I haven't the first clue about pensions
.thanks in advance

L1011

Are you seeing any growth on the fund value year on year currently? Or is it entirely static or even declining?

Springfields

L1011 wrote: »

Are you seeing any growth on the fund value year on year currently? Or is it entirely static or even declining?

Its increasing year on year.. its invested in different funds as far as I know. Definitely increasing ..

L1011

Right - so you might be able to find a better return elsewhere, but once its increasing at least its active to some extent.

If you don't have the time or interest to get in to active role managing your fund it may make sense to wait until you return to paid employment (I'd consider what you're doing to be work!) and look at bringing the existing fund in to any new pension you get there.

Springfields

L1011 wrote: »

Right - so you might be able to find a better return elsewhere, but once its increasing at least its active to some extent.

If you don't have the time or interest to get in to active role managing your fund it may make sense to wait until you return to paid employment (I'd consider what you're doing to be work!) and look at bringing the existing fund in to any new pension you get there.

Thanks that's what I was thinking ...no interest in self managing it to be honest ..so will be sure to start paying into it again when / if I go back ...thanks for your comments.

Jim2007

Springfields wrote: »

Thanks that's what I was thinking ...no interest in self managing it to be honest ..so will be sure to start paying into it again when / if I go back ...thanks for your comments.

The reality is that most people do a very poor job of managing self directed pension funds. So you lack of interest in managing things yourself will save you money in the long run.

_Brian

I’m curious.
What sort of pension would a sum like that provide when a person turns 66?

Springfields

_Brian wrote: »

I’m curious.
What sort of pension would a sum like that provide when a person turns 66?

On my statement its saying the projected fund value under current circumstances., if no further contributions are made is valued at €85k

It's invested in a moderate growth fund with a risk rating of 4 if that means anything to you..

_Brian

So in practical terms what pension would €85k give a person, weekly pension I mean ?

Springfields

_Brian wrote: »

So in practical terms what pension would €85k give a person, weekly pension I mean ?

It says 275 a month income for life , dont know what they define as life though ... very little really

Johnny Sausage

Springfields wrote: »

It says 275 a month income for life , dont know what they define as life though ... very little really

they mean until you die, you can set a gaurentee period for it to pay out (5 years, 10 year etc) so if you die before hand the money is gaurenteed for this period but this will reduce the monthly amount

_Brian

Springfields wrote: »

It says 275 a month income for life , dont know what they define as life though ... very little really

Is there a lumpsum payment with that figure ??