Pension from previous job

tomo658

I've just started a new job and I couldn't transfer any money in from my previous pension to my new one. I'm 28 and have never done anything like this before. What can I do with the money?

bigadaj

Either leave it where it is or open up your own personal pension or sipp.

Main reasons for moving or not are charges and investment choices.

tomo658

I can't leave it where it is, I need to transfer it somewhere

dunstonh

tomo658 wrote: »

I can't leave it where it is, I need to transfer it somewhere

transfer it to another pension then. Stakeholder pension, personal pension or SIPP (in order of complexity)

xylophone

http://www.cavendishonline.co.uk/pensions/transfer-your-pension/

The above might help.

mgdavid

tomo658 wrote: »

I can't leave it where it is, I need to transfer it somewhere

unusual, have they said why you have to move it?

Kynthia

Is it because you have less than the minimum service required to have a deferred pension? Are your choices to have a refund of your contributions or transfer yours and your employer's to a new pension?

tomo658

This was in an email I had from them

Under the rules of the Scheme, you are unable to retain your benefits under Wincanton and must transfer them out. As they are all salary sacrifice or employer contributions, they are not refundable. If your new employer’s pension scheme doesn’t allow transfers in, you would need to find a personal pension to accept these benefits otherwise they will be lost.

I was employed by them from Nov 14 to Feb 16

PensionTech

Yes, that's all normal - so dunstonh's suggestion is correct.

kidmugsy

So you transfer the money, using (say) Cavendish, or Hargreaves Lansdowne, or AJ Bell, or their competitors. You'll be pleased by how easy it is. In my experience (with HL) I completed a form for them and they did all the rest.