Change of jobs and pension scheme

art-vandelay

Hello. I left my previous job around 4 months ago and, as a result, have left their 'Group WorkSave Pension Plan' with Legal & General. I now have a new job and I have joined my new employer's pension scheme (a 'Defined Contribution Pension Plan' with Fidelity). I hadn't given much thought to my plan with my previous employer, but recently I received a letter saying they have been notified that I have left.
I'm just wondering what the general advice is for previous pension schemes. Should I transfer the old into the new scheme or is it preferable and safe to leave it? I had a brief look at Fidelity's information for transferring and they said it could get complicated and it was advisable to seek guidance from a financial adviser.
My previous job was my first since leaving university and I stayed there for 4 years. So perhaps not a vast amount in the pot compared to others, but I'd still like to take care of this.

kidmugsy

Be sure to keep them up to date on your address and marital status. Otherwise check the charges now that you are no longer an active member, and check whether you are happy with the investment options.

dunstonh

I'm just wondering what the general advice is for previous pension schemes.

There is no general advice in this area as there are too many things to consider which could see different outcomes.

Should I transfer the old into the new scheme or is it preferable and safe to leave it?

Which option is best? We dont know as we dont have the details. That is what you need to work out.

art-vandelay

Thanks for the replies. Think I'll phone up L&G and ask them a few questions.

El_Torro

art-vandelay wrote: »

I had a brief look at Fidelity's information for transferring and they said it could get complicated and it was advisable to seek guidance from a financial adviser.

Just to pick up on this point; I'm not sure why this advice is given (I've seen it elsewhere as well). I transferred an old pension a couple of years ago and all I had to do was fill in a couple of forms. The new pension provider took care of the rest. You just have to be wary if your old pension is providing benefits that your new one doesn't.

The main benefit of transferring is for convenience, especially if your old pension is quite small.

art-vandelay

Thanks El Torro. I phoned them earlier and they said the transfer process was as exactly as you describe. I think I'll go ahead and do this.