What to do with a years worth of contributions.

jde-tv

Hello

I am new to the world of pensions! From September 2013 to September 2014 I worked full time while studying and contributed to a pension.... I then went back to studying until October last year when I started my first graduate job. People in the office have mentioned that i should do something with the money left from the first job, either get my contributions back, or transfer it over to my current pension.

I guess I'm just after some advice as I know there are fee's for transferring, and I had no idea that I could get it back if I wanted!

Thanks.

HappyMJ

There are fees for transferring but there are also fees for keeping it where it is. Putting all your pensions into one pot can save on fees over the long term even though you have to pay a fee to transfer it.

PensionTech

I had no idea that I could get it back if I wanted!

Possibly you can't; it depends on how you contributed to it. They would usually have offered you a refund if you were entitled to one.

There may not be fees for transferring or keeping it where it is, depending on the type of scheme. Do you know what the scheme is?

Linton

Assuming you are a member of your new employer's pension scheme, their pension people should be able to tell you whether a transfer is possible and, if so, make it happen. I wouldnt expect most employers to charge an employee to transfer-in an old pension.

p00hsticks

jde-tv wrote: »

I guess I'm just after some advice as I know there are fee's for transferring, and I had no idea that I could get it back if I wanted!

Bear in mind that if you can get a refund, the amount will have tax and NI deducted, and won't include anything that your employer contributed, so it is likely to be considerably less than the sum currently sat in your pension pot

bigadaj

jde-tv wrote: »

Hello

I am new to the world of pensions! From September 2013 to September 2014 I worked full time while studying and contributed to a pension.... I then went back to studying until October last year when I started my first graduate job. People in the office have mentioned that i should do something with the money left from the first job, either get my contributions back, or transfer it over to my current pension.

I guess I'm just after some advice as I know there are fee's for transferring, and I had no idea that I could get it back if I wanted!

Thanks.

Who did you work for, this and the related issue of the type of pension you have, will determine what may be best.