company pension scheme

mercedes125

Hi
I am due to change my job i will have been paying into the company pension scheme for 2yrs 1mth i am able to withdraw the money that i have paid in are will i have to transfer it to another pension,
Thankyou Kaz

Chick

Hi there,

I can't answer your question but I paid into a company scheme for just under a year. I'm sure the anwer to your question is yes though I think there are some time scale restrictions...can anyone else advise?

I left my previous employer nearly 6 months ago and have phoned them several times to send me the relevant forms so I can either transfer the pension payments to my new company's pension scheme or withdraw the cash.
However, after more than 2 months waiting, I've not received the forms and have been told it's still waiting for it to be 'cleared' though am not quite sure what that means.

My question is- how long can my previous employers hold on to my pension payments without giving a sufficient reason or correspondance to justify why this is the case? Is there anywhere I can go to get some help with this- I'm guessing no as it's between me and the previous employer.

Thanks in advance

reddevilled

mercedes125 wrote:

Hi
I am due to change my job i will have been paying into the company pension scheme for 2yrs 1mth i am able to withdraw the money that i have paid in are will i have to transfer it to another pension,
Thankyou Kaz

It depends on your company pension scheme. If paid out to you it will be after deduction of tax, if it is to be transferred into another pension scheme you should be given a "transfer" value which is the value of the fund at that date.

Hope this helps, this is how my pension scheme works anyway!