Previous Pension, New Employer. 27 February at 5:55PM in Auto-enrolment 4 replies 122 views

AlibeeAlibee

Please could i get some clarification. I know pension rules are more flexible in current times.
I have been auto-enrolled into new employers pension with royal london. 
My previous employers pension was with true potential. I know, if i want i can transfer this pension into royal london.
What I want to know is - am i able to arrange for my new employer to use the true potential pension instead of royal london?

JoeCrystal

AlibeeAlibee, I would suggest that you post this on main pension forum since hardly anyone go into this forum. To answer your question, ask the pension administrator, only they can answer your questions. As for the new employer paying into your old pension scheme, why should they as it will cause them the administrative hassle and they have to meet the auto-enrollment provision by using their scheme.

Paul_Herring

AlibeeAlibee said:

Please could i get some clarification. I know pension rules are more flexible in current times.

I have been auto-enrolled into new employers pension with royal london. 
My previous employers pension was with true potential. I know, if i want i can transfer this pension into royal london.
What I want to know is - am i able to arrange for my new employer to use the true potential pension instead of royal london?

That will be a question for your employer, but the answer is likely to be no.

The reason being it's less admin for employers to deal with just one pension company, rather than 100* pension companies (or however many employees they have**.)

You may, on the other hand, be able to do partial transfers from Royal London to True Potential, if you want to keep the latter. Whether this is an option will depend on Royal London, however.

Alternatively, if you're not bothered about keeping the True Potential one, you can probably do a full transfer of that into Royal London.

==

* An exaggeration.

** Also an exaggeration.

penners324

Also companies have to prove to the Pension Regulation Authority that the scheme they use is auto enrollment approved so can't pay to another pension company.

LHW99

Probably worth comparing charges on the two before you decide