Shall I Transfer Old Work Pension to Current Work One

mini_lidi

Hi All,

When I use to work for M&S when I was 16-23 I did the work pension and loaded as much as I could afford into it.
I have now changed jobs and am wondering do I transfer this pension into my new work one?
The issue is, I have no paperwork or statement for the old pension so not sure where to even begin.
Also is it worth it or just let it sit there till I retire?

xylophone

Did you work for M&S before 2002?

mini_lidi

xylophone wrote: »

Did you work for M&S before 2002?

No after im afraid.
Missed out on the better pension lol

xylophone

As you are aware, M&S closed the DB scheme in 2002 and introduced a money purchase scheme - membership was voluntary.

In 2011- 12 in order to comply with auto enrolment, they entered into an arrangement with Legal and General - it seems likely that your pension is within that scheme. You can contact them.

See https://www.legalandgeneral.com/workplacebenefits/microsites/marksandspencer/

AnotherJoe

And you cant make a decision on whether to transfer in without understanding what the old terms are and what the new ones are.