Previous Employer Pension, what options do I have?

DanRM

Hi, I'm looking for advice on what to do (if anything) with my work place pension from my previous employer. It's a small amount of £900 with Nest pensions from when the auto enrolment was introduced, which they estimate to be worth ~ £2000 upon retirement. I'm 27 so got a fair way to go yet.

Having moved jobs my pension is being paid into a stakeholder plan with Royal London, and I've been wondering what options I have in regards to my old one to get the most from it, i.e leave it, transfer it, or pay into it privately. Along with any pros/cons that come from it.

Thanks

Dox

Look on NEST's website and you will see what options you have. There is no need to make any immediate decision (you've got at least another 40 years to do that!) and given the modest amount of cash involved, doing nothing isn't going to have much impact on your standard of living in retirement.

xylophone

Will RL accept a transfer in?

Albermarle

One advantage of transferring it to RL , is you have less paperwork and one less institution to inform when you move address. ( not doing this is how a lot of pensions get 'lost')
Also thinking ahead you will probably move jobs a few more times maybe, so you could end up with multiple pensions .
As long as the RL scheme accept transfers it is a relatively easy process.

wjr4

Pros for transferring: less paperwork to deal with, Royal London have a better find range

Pros for keeping NEST: annual charge is 0.3%, check how much Royal London’s charge is

Remember to nominate a beneficiary on both pensions