Can i move my pension pot?

hewking

My employer pays into scottish widow pension fund. I would like to move my existing pot to different place but i would like my employer to continue paying to the old one (scottish widow) Does anybody know if this is possible or how to do it?
Many thanks

Albermarle

like my employer to continue paying to the old one (scottish widow)

Most likely your employer will only be prepared to make contributions to the works pension scheme , so this part should be no problem .
Regarding transferring existing funds out of a still live works pension , it is an unusual question but should be possible I think ?
Do you have direct access yourself to SW - by phone or on line ?
By the way what is the reason for wanting to pull out ? If it is just the fund you are unhappy with then normally SW would have alternative funds to invest in.

Dox

Yes, you can move it - but by doing so the employer may see you as 'opting out' of the employer-nominated scheme, with no opportunity to rejoin for another 3 years, so you'd miss out on the employer contribution during that period. You'd need to check with your employer what would happen - nobody here can tell you that because we don't know the terms of your employment/pension scheme membership.

AnotherJoe

hewking wrote: »

My employer pays into scottish widow pension fund. I would like to move my existing pot to different place but i would like my employer to continue paying to the old one (scottish widow) Does anybody know if this is possible or how to do it?
Many thanks

I'm not being facetious, only your employer would know, on both counts.

cfw1994

Kind of an extension to this: should it *generally* be posible to move *part* of a DC pension to another DC pension provider?

My main pot is with Aviva, but a small part of me does wonder about eggs & baskets & whether half might be better living elsewhere. Probably not - I'm enjoying the monitoring/managing with the funds available anyway, and they appear to be performing okay: for example: this, this and this for a decent chunk of it. Hoping this may be useful comparison funds for the OP too!
Some in gilts/bonds (which helped even out the fail of late 2018!).

On the topic of comparing these things (perhaps useful to OP) - & with the acknowledgement that past perf is no guarantee for the future: anyone know the excel formula to figure out the annualised performance given a 10-year cumulative number? I'm failing to spot that from the internet searching! So - if 10 years gave 180% perf, what is that expressed as annual growth?

Albermarle

Kind of an extension to this: should it *generally* be posible to move *part* of a DC pension to another DC pension provider?

As I understand it this is OK from a legal standpoint but will depend on whether the pension provider in question will allow it .

want_to_save

you may be able to



some group personal pension arrangement have to have a minimum in it to remain open eg. £1 or £100 so speak to Scottish Widows