Pension poser

By THIS IS MONEY
Updated:

 

I have put £150 a month into a Pearl pension and would like to contribute more, but have been told I cannot. I am concerned about the security of my pension. Is it still secure for the long term? M, Swansea.

Danny Cox at independent financial adviser Hargreaves Lansdown says: Pearl is now owned by the AMP Group and, as with many with-profits companies, has suffered badly from the poor performance of stock markets over recent years.

If you are able to transfer the value of your pension without penalty to another fund or another pension provider it is probably a good idea to do so. Be careful - do not transfer without taking advice if you have guaranteed annuity rates.

If the penalties are too high, you could stop paying in and consider paying into a stakeholder pension with another company such as Norwich Union, Clerical Medical or Scottish Widows.

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