How to transfer pensions after changing jobs?
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Written on: 14.11.2009 [13:37]
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Rosie
Rosie
Topic creator
Posts: 3
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I had a pension with my previous employment and now as I have changed jobs I would like to know if it is possible to transfer pensions so that I have both of my pensions together? |
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Written on: 16.11.2009 [19:33]
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Ward
Ward
Posts: 5
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It is possible but you need to see whether it really is the right decision for you to consolidate the two pensions. Sometimes the amount you would have if you keep the pension with them (also known as the fund value) is different to the amount which they offer to transfer (transfer value). Which companies are you dealing with? Some companies have different ways of sorting out the transfer. |
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Written on: 19.11.2009 [01:25]
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Elliot
Elliot
Posts: 2
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A lot of the time it’s up to you to do everything, my experience - don’t rely on them to help you. But it is pretty simple, just ask your old employee for the relevant forms and send away..... |
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Written on: 19.11.2009 [12:19]
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Finn
Finn
Posts: 1
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Whatever you do, don’t have the money sent to yourself or you will end up paying the 10% penalty, even if you put the entire amount in your new pension plan. The government thinks that if it’s in your hands for a split second, you pay the penalty. |
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Written on: 20.11.2009 [06:31]
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Wright
Wright
Posts: 3
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Read a few of the pages here http://www.monetos.co.uk/pensions/non-state-pensions/leaving-early/transfer/ there is some very important information about transferring from different pensions, a lot of the time it can make a HUGE difference so don’t be too eager to change before reading all of the implications. There is also a page with the Pros and Cons of transferring http://www.monetos.co.uk/pensions/non-state-pensions/leaving-early/transfer/pros-cons/ |
