Changing Company

bigviv

i have recently left my company to start elsewhere and was hoping to keep my pension in my old company's scheme

recently i received a letter from the pension administrator saying that i can either take my own contributions as a refund or move the whole pot (including employer contributions) to another pension provider

as stated eariler, i was hoping to not transfer the pension pot and keep it where it was

i thought that we didn't have to move a pension upon leaving a company and could leave it there - am i wrong?

i was a member of the scheme for less than 2 years...

any help appreciated before i move the pension!

dunstonh

i thought that we didn't have to move a pension upon leaving a company and could leave it there - am i wrong?

If its a COMP/CIMP then you can only pay in if you are an employee but can transfer the value easily enough. If its defined benefit then you can transfer it but statistically, its probably not worth it but would require a TVAS to make sure. If its a group personal pension or group stakeholder or group SIPP then you should be able to continue if you leave the employment as they usually revert to individual status on leaving.

The fact you mention pension administrator suggests its a COMP/CIMP or defined benefit scheme. If its in investment funds it would be a COMP/CIMP. If its based on years of service its a defined benefit scheme.

jonathon_hart

As you where in the scheme for less than 2 years that is why. Although a scheme can decide to let you keep the benefits in the scheme if you were in for less than 2 years they do have the right to force you to either transfer or take a refund less tax.

bigviv

ah, ok

makes sense - ah well, time to do a transfer methinks - who would waste employer contributions?!

thanks!