What happens to my pension when I leave company

jamestay1

I’ve had a Scottish Widows pension with my company for 20 years, I pay weekly into it has does my employer.
I’m leaving Friday but I would like to keep it going separately and also start another one with my new employer.
Can I keep it going separately?
Thanks

dunstonh

The pension will remain invested where it is with no further contributions added to it unless you make them.

You can have as many pensions as you like.

Linton

Your old pension will carry on quite happily, hopefully increasing in value with the investment returns. There is no problem with having several different pensions.


You may wish to combine the pensions for convenience. Whether this should be done and how depends on the details of the pensions in terms of any guarantees, charges and access to a wide range of funds. If it is worth doing it may be easiest to ask your new employers pension people to transfer in your old pension. However you need to look at the numbers first.

Albermarle

One issue can be that when you retire/start taking money from the pension , an older pension will not have the flexibility that a newer one would have . So even if you stay with SW , at some point you would have to open a new pension with them and transfer the old one into it.