How do I transfer a frozen pension?

petert7666

Hi,

A few years ago I took out a pension with an employer, when I moved jobs it was frozen and since I have done nothing with it. I am interested to see if a) it can be unfrozen and transferred to my new employers or b) the contributions can be refunded to me. I have no experience in doing this and am not even sure who the policy is with. everytime I look for help on the internet all I find are companies offering to buy the pension or do it for me, but I am sure that they do not do it for free. I would welcome any advice on where to start

jem16

What kind of pension is it? Is it a final salary pension or is it a money purchase scheme?

petert7666

Hi,

I'm not sure, I know that I used to pay something like 7 % and my employer contributed up to 12%. I know I did not get any money back when I left them I could possibly find out the type, but not till monday. Do different policies have different outcomes then?

jem16

petert7666 wrote: »

Hi,

I'm not sure, I know that I used to pay something like 7 % and my employer contributed up to 12%.

It sounds more like money purchase - ie defined contribution. What did your pension statement show? Was it a number of years service or was it a pot of money invested in different funds?

Do different policies have different outcomes then?

Yes they do.

Final salary pensions are normally best left where they are unless it's another final salary pension you are transferring into.

Defined contribution schemes can usually be transferred to another scheme. Whether your new employer would accept a transfer is a different matter and whether it would be best to transfer would also need to be looked at.

petert7666

Thanks for the quick reply, I cannot remember exactly, although the second option sounds familiar. If I go back to my old employers and ask them for the details, are they at liberty to give me the information I need? what sort of things do I need to aske? I am really sorry but am a complete novice at this

bilbo51

petert7666 wrote: »

Hi,

I'm not sure, I know that I used to pay something like 7 % and my employer contributed up to 12%. I know I did not get any money back when I left them I could possibly find out the type, but not till monday. Do different policies have different outcomes then?

You need to get the details of the pension. If you haven't got any details in your records then you should contact HR or the pension administrator at your old employer and ask for details.

You may be able to trace the pension here.

If it was a final salary scheme, then it is usually inadvisable to transfer these elsewhere because they usually are more valuable than anything you could move them to.

But get the details and come back - nobody here will be able to help you without more information.

jem16

petert7666 wrote: »

If I go back to my old employers and ask them for the details, are they at liberty to give me the information I need? what sort of things do I need to aske? I am really sorry but am a complete novice at this

Do you not have any pension statements? With a defined contribution pension I would expect to receive a statement each year.

blurpimpala

You should receive regular statement for both types of pension. If it is defined contribution pension you should receive an annual "statutory money purchase illustration", if it is a defined benefit pension there will be a "summary funding statement" that should come in two out of every three years.

If you haven't been receiving any statements it may be the administrators do not have your current address.