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Workplace Pension - Going to A New Job

edited 30 November -1 at 1:00AM in Employment, Jobseeking & Training
5 replies 750 views
David.973David.973 Forumite
21 posts
edited 30 November -1 at 1:00AM in Employment, Jobseeking & Training
So, I have a job interview tomorrow. After doing everything I can to now, I have one thought.

If I change from one company to another, if they use the same workplace pension provider, can you (or has anybody), had them use your current details for that provider and either had them pay into one pot or, failing that, had a separate pot set up with that provider but linked to it?

Failing that, can money from an old Workplace Pension be transferred into the pot at the new place? Just to simplify things mostly.

I’ve been at the company I’m employed by for near enough 4 years (there was a change of ownership last year but it’s, essentially, the same company and nothing changed with the Pension then). It’s also the same field I’m potentially going into (actually, I’m going from an outsourcing company to the company that employ their services!)

Anyway, I thought it best to ask and, should I get the job, I’ll be able to get the ball rolling in my notice period.

Thanks :cool:

Replies

  • keepcalmandstayoutofdebtkeepcalmandstayoutofdebt Forumite
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    If you find your new employer uses the same pension provider then they do find you and send a welcome email - I've had quite a few welcome emails from Nest as I've had a lot of jobs, but all my employment conts are easy to see by each provider and they always find me.

    I've got accounts with Nest, Avvia and one other not so known I think.

    I think there is a transfer option.


  • DoxDox Forumite
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    If you find your new employer uses the same pension provider then they do find you and send a welcome email - I've had quite a few welcome emails from Nest as I've had a lot of jobs, but all my employment conts are easy to see by each provider and they always find me.

    Not necessarily. True of NEST (where you only ever have one 'pot'), but normally not other so with other providers.

    OP, if all your previous schemes are defined contribution, there is always a transfer option which is simple to arrange by contacting your previous scheme(s). Just check the charges on old schemes and how these compare to any new scheme before you initiate any actual transfers. You can always lump everything together at the point of retirement, if you wish to do so. Meantime just make sure you keep track of all your pensions - and that if you move you let them have your new address.
  • edited 16 August 2019 at 4:50AM
    David.973David.973 Forumite
    21 posts
    edited 16 August 2019 at 4:50AM
    Thank you both!

    I knew I’d forgotten to ask something at the interview yesterday, who their WPP provider is. Oh well, I can wait until I know if I have the job or not.

    So, let’s see if I have this right: if it’s the same provider, I can have them linked and, if not, I can transfer my own”d to my new?
  • ceh209ceh209 Forumite
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    David.973 wrote: »
    Thank you both!

    I knew I’d forgotten to ask something at the interview yesterday, who their WPP provider is. Oh well, 8 can wait until I know if I have the job or not.

    So, let’s see if I have this right: if it’s the same provider, I can have them linked and, if not, I can transfer my own”d to my new?

    Not in my experience - had one with Standard Life and moved to a new job which also used Standard Life. They insisted on a new pension being set up, which I then had to request a transfer of the old pot into. They made me agree that I was happy to proceed without 'advice' - which they couldn't give - err it was going to be invested in the same funds and the charges were lower, I don't think I need advice on that!

    Current job has Scottish Widows. I did consider transferring the Standard Life pot into that, but the charges are actually higher (probably as it's a much smaller employer so couldn't negotiate as well as the previous ones)
    Excuse any mis-spelt replies, there's probably a cat sat on the keyboard
  • ceh209 wrote: »
    Not in my experience - had one with Standard Life and moved to a new job which also used Standard Life. They insisted on a new pension being set up, which I then had to request a transfer of the old pot into. They made me agree that I was happy to proceed without 'advice' - which they couldn't give - err it was going to be invested in the same funds and the charges were lower, I don't think I need advice on that!

    Current job has Scottish Widows. I did consider transferring the Standard Life pot into that, but the charges are actually higher (probably as it's a much smaller employer so couldn't negotiate as well as the previous ones)

    Thanks, I’ll check this out if I get the job too. Still an agonising two weeks until I hear back! Fingers crossed!
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