Just changed job - options overview

IM

Apologies for another "I'm a doofus who knows nothing about pensions" thread, but here goes...

I was made redundant late last year after 13 years with the same company (and around 12 in the pension scheme). I never knew anything about the details of the scheme, but it was generally thought to be a good 'un - it was with a certain well-known (but not exactly cheap) utility...

Now that I've got myself another job, I have decisions I need to take regarding the pension.

I know that I have to do some reading about the company pension at my new place (bizarrely enough, another major utility...) and I really will get around to this :whistle: , but can anyone offer some general pointers in terms of options/things to consider? (The pensions overview article on here makes no mention of changing jobs).

Cheers

Debt_Free_Chick

Very simple answer, without going into all the detail .....

If you do nothing, the old pension scheme will pay you what you are entitled to.

As an alternative, you could transfer this pension to another pension plan - when you might get more or less than you are currently entitled to.

The question to ask yourself is this - "Am I prepared to risk losing some of my current entitlement, in order to possibly get a bigger pension?"

Could you check your new scheme booklet and see if under the section about transferring in old pensions, whether there is any mention of a "transfer club"? If so, please post back as that would give you another option, which is not normally available.

HTH