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Changing jobs-what to do with pension?
manofthemoment
Posts: 31 Forumite
My partner has just changed jobs after 3 years. When she started her previous job (she works for a charity) she started paying into the pension scheme. She has now changed jobs, she is working for a similar salary but on reduced hours from her previous job (28 instead of 35).
She now has to decide what to do with her pension from her previous job. She wants to join the pension scheme for her new job but she has to complete a 3 month probation period before she is allowed to join. My main question is this: would she be allowed to freeze her previous pension account and then transfer it to her new one when she is allowed to join? Is this OK to do? Or would it be best to freeze her existing payment and leave it, just paying in to the new one when she is allowed to join it?
She now has to decide what to do with her pension from her previous job. She wants to join the pension scheme for her new job but she has to complete a 3 month probation period before she is allowed to join. My main question is this: would she be allowed to freeze her previous pension account and then transfer it to her new one when she is allowed to join? Is this OK to do? Or would it be best to freeze her existing payment and leave it, just paying in to the new one when she is allowed to join it?
Onwards and upwards!
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would she be allowed to freeze her previous pension account and then transfer it to her new one when she is allowed to join?
Ususually.Is this OK to do? Or would it be best to freeze her existing payment and leave it, just paying in to the new one when she is allowed to join it?
Depends on the pension schemes in question. She could lose or gain by transferring it. We cannot tell without knowing the facts and a transfer analysis taking place.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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