Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • KimerCP
    • By KimerCP 13th Sep 17, 2:51 AM
    • 4Posts
    • 0Thanks
    KimerCP
    Change job, change pension provider
    • #1
    • 13th Sep 17, 2:51 AM
    Change job, change pension provider 13th Sep 17 at 2:51 AM
    Hi.
    I have changed the job recently.
    Again.... My employer has to enrol me their pension provider.
    Currently, I have small amounts of my pension keep with different pension providers.
    I just wonder if there is a super way to transfer all my money from separate providers to actual one (pension provider with my employer where currently keep job).
    I have called to some of my pension providers and they said, there was no possibility to do that.
    Is it only me or the government didn't think about people who change the job regularly?

    Who knows how many pensions providers I would have when I will go for retirement.
    Will I remember all of them? And what is more important Will they remember about me, the person who put 200 pounds for retirement 20 years ago?

    I would feel very comfortable if I had only one pension and also have a possibility to change provider to new one or keep the old one with every change of job.

    What do You think about this?
    Maybe there is a special way to do it and no one told me about it.
Page 1
    • JoeCrystal
    • By JoeCrystal 13th Sep 17, 5:47 AM
    • 1,248 Posts
    • 702 Thanks
    JoeCrystal
    • #2
    • 13th Sep 17, 5:47 AM
    • #2
    • 13th Sep 17, 5:47 AM
    Worth asking about this on the main pension forum: http://forums.moneysavingexpert.com/forumdisplay.php?f=19

    Since hardly anyone visit this forum.
    • HappyHarry
    • By HappyHarry 14th Sep 17, 8:43 AM
    • 402 Posts
    • 475 Thanks
    HappyHarry
    • #3
    • 14th Sep 17, 8:43 AM
    • #3
    • 14th Sep 17, 8:43 AM
    I just wonder if there is a super way to transfer all my money from separate providers to actual one (pension provider with my employer where currently keep job).
    I have called to some of my pension providers and they said, there was no possibility to do that.
    Originally posted by KimerCP
    That's unusual, unless they were defined benefit pensions.

    Speak to your new pension provider, and they are likely to be able to produce forms that could help you transfer your previous pensions to your new one.

    Bear in mind, the old pensions may be better than the new one, so it might not be sensible to consolidate them from a financial perspective.


    Will I remember all of them? And what is more important Will they remember about me, the person who put 200 pounds for retirement 20 years ago?
    Originally posted by KimerCP
    Why not keep a list of the providers and policy numbers? Every time you change address, let them know, the same way as you would with your bank accounts.

    Yes they will remember you. They are looking after £200 of your money. They are legally obliged to make sure it is safe for you.

    I would feel very comfortable if I had only one pension and also have a possibility to change provider to new one or keep the old one with every change of job.
    Originally posted by KimerCP
    (i) You should be able to combine them at each move into the new one.
    (ii) You should be able to keep the old one and start a new one.

    Currently, an employer is unlikely to want to pay into a different pension scheme for each employee as it adds time and cost to a business. However, this may change in the future.

    What do You think about this?
    Maybe there is a special way to do it and no one told me about it.
    Originally posted by KimerCP
    It's common for people to retire with many pension pots, and it's not an issue.

    However, combining them is fairly straightforward, as long as you make the transfer requests via the new pension provider, not the old ones.
    I am an Independent Financial Adviser. Any comments I make here are intended for information / discussion only. Nothing I post here should be construed as advice. If you are looking for individual financial advice, please contact a local Independent Financial Adviser.
    • KimerCP
    • By KimerCP 15th Sep 17, 12:22 AM
    • 4 Posts
    • 0 Thanks
    KimerCP
    • #4
    • 15th Sep 17, 12:22 AM
    • #4
    • 15th Sep 17, 12:22 AM
    Thank You very much HappyHarry.
    Your answers are helpful. I will speak with my current employer about my pension.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

483Posts Today

4,539Users online

Martin's Twitter
  • RT @iiSteveJonesii: @MartinSLewis After watching you talk this morning about me burning £300 I got on a comparison site tonight & sure enou?

  • In or near York? This Wed the @itvmlshow Roadshow" will be at the York Food & Drink Festival - do come and say hi; St Sampsons Square 11-4.

  • It's the subtle poetry and lyricism of tweets like this that I find so endearing https://t.co/XhSKBCGyXe

  • Follow Martin