Pension Contributions

HMorton

Hi,

Would appreciate any advice on a pension question I have. My employer was bought over recently and the new company had their own pension scheme so contributions to my old scheme were stopped. I made one contribution to the new company scheme, as we were automatically signed up, but then changed jobs.

I now have a 2 pension schemes, one with my years of contributions and one sitting with approx 200 pounds in it.
I'm now joining my new company's pension scheme and think I have a choice to transfer my other schemes over or leave them sitting.
My question is, I don't believe it is worth transferring 200 pounds over to the new scheme but, can I claim it back as the sum is so small ?

Thanks

Debt_Free_Chick

HMorton wrote: »

My question is, I don't believe it is worth transferring 200 pounds over to the new scheme but, can I claim it back as the sum is so small ?

Thanks

Almost certainly not. The two periods of employment are likely to be linked for pension purposes. So your options in the old scheme would be mirrored in the new scheme.

If you are going to transfer, you should be transferring both the separate pension pots. Effectively, they relate to the one single period of employment.

Ask the administrators for confirmation but I think that you have "linked qualifying service" for pension purposes. You might want to ask them to confirm that.