Company pension to SIPP

[gisp]

Yes, but it depends. First question, defined benefit or defined contribution company pension?

It was log time ago and frankly I don't know what type it is. I don't even know what the difference is between those two things.
it wasn't big amount of money. I paid 5% company paid 10% into some company pension scheme. Never been bothered to know more.

[Fred Bloggs]

It was log time ago and frankly I don't know what type it is. I don't even know what the difference is between those two things.
it wasn't big amount of money. I paid 5% company paid 10% into some company pension scheme. Never been bothered to know more.

Fair enough. Nobody can advise you unless you can answer the questions I posed.

Please do a bit of homework and then I and others here can help you.

What you need to know - Was the company pension scheme defined benefit or defined contribution?

Once you can answer that we can help.

[ladymuck]

It was log time ago and frankly I don't know what type it is. I don't even know what the difference is between those two things.
it wasn't big amount of money. I paid 5% company paid 10% into some company pension scheme. Never been bothered to know more.

Defined benefit = pension value based on your final or average salary and length of service

Defined contribution = pension value based on the contributions made and how the investments have performed over time

Huge difference between the two hence why you're being told to find out. It'll be in the paperwork.