Your money queries answered by Peter Rutherford, chief executive of Rutherford Wilkinson plc, independent financial advisors. Mr A N from Newcastle asks: I read somewhere that the public sector pension deficit now is estimated to be £8bn. I work for myself and have my own pension, but is it fair that my tax is helping to prop up the pensions of those who work in the public sector? Answer: If you recall the Government did recognise the problem within public sector pension schemes and did propose increasing the pension age to 65 for all those who currently have an earlier retirement age. As you would expect, there was a great backlash from employees and unions and the Government did back down. With many ongoing debates on long lasting pension reform I suspect compromise changes may be proposed. Mr F C from Tynemouth asks: I have recently been advised to consolidate most of my existing investments on to a central platform called Transact, such as personal equity plans, individual savings accounts and unit trusts. I have been told that most of these investments can be transferred on an in specie basis, but a few can't. Can you explain the difference? Answer: Transact is a central administration service. An in specie transfer basically means your existing investment holding is merely reregistered on to the Transact platform. In other words, your funds are never sold they are just transferred across. Where an in specie transfer is not allowed the funds have to be sold and the money is paid across to Transact. The same funds can then be repurchased at a small cost or alternative funds selected. The Pep or Isa status of your funds should be retained though. Miss V M from East Boldon asks: I spent several years working in Australia and I was in something like a personal pension. As I moved back to the UK four years ago and am unlikely to return am I best trying to get the money in that scheme transferred to my existing employer's scheme? Answer: In theory a transfer is possible. First of all you should ask what the fund value and transfer value of your scheme in Australia is and then ask the administrators of your existing employers' pension scheme if they would be prepared to accept a transfer. If, in principal, they are you then need to find out what additional benefits within scheme they will give. You should then seek advice from a pensions specialist within a firm of independent financial advisers. * Investors Guide is a booklet with information on all aspects of investment and is available to readers. * To apply for your free copy, freephone (0800) 074-5489 or write to me at Rutherford Wilkinson plc, 21-23 Bridge Street, Morpeth, Northumberland, NE61 1NT. * Please also write with any queries you would like answered. * Rutherford Wilkinson plc is authorised and regulated by the Financial Services Authority. | 
Travel, Entertainment & leisure
Professional Services
Health
Home Style
Home Improvements
Fashion & Weddings
Gifts
