Change of Workplace Pension Provider

tomkell29

Hi All,

New here, so apologies if I've posted this in the wrong place or if this has been asked before.

My company has decided to change providers for our workplace pension. However, rather than transferring everything over, they've told us that we have the option to transfer our pensions over if we wish at the cost of £199.

My question is, are they actually allowed to charge us £199 to transfer the pension over? Shouldn't the company do this for us?

I was thinking that with it being a workplace pension, which companies have to provide, then surely they should sort everything out for us?

Further to this, there's been no consultation / vote / etc on this - they've just told us "this is what we're doing". Should the company have discussed this with us first?

Let me know your thoughts

Kind regards,
Tom

JoeCrystal

Well, you can wait until the new pension scheme is set up and after contributing into it, maybe you can transfer into it for free?! Who is the new pension provider?

SonOf

My question is, are they actually allowed to charge us £199 to transfer the pension over?

yes

Shouldn't the company do this for us?

no

I was thinking that with it being a workplace pension, which companies have to provide, then surely they should sort everything out for us?

They are required to provide a workplace pension. Not to tell you what to do with older pensions (as the old scheme will become)

Further to this, there's been no consultation / vote / etc on this - they've just told us "this is what we're doing". Should the company have discussed this with us first?

No.

tomkell29

JoeCrystal wrote: »

Well, you can wait until the new pension scheme is set up and after contributing into it, maybe you can transfer into it for free?! Who is the new pension provider?

That's an interesting idea. The new provider is Royal London.

tomkell29

SonOf wrote: »

yes


no



They are required to provide a workplace pension. Not to tell you what to do with older pensions (as the old scheme will become)



No.

Hm... Sounds like I don't have much choice then.

Albermarle

My question is, are they actually allowed to charge us £199 to transfer the pension over? Shouldn't the company do this for us?

It seems the answer to the first part of the question is yes but personally any employer who charged for this is not being fair and probably not the sort of company one would like to work for