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Transferring a workplace pension to another pension scheme
Fic
Posts: 1 Newbie
Hello everyone
I have recently left a company which had me set up with Now Pensions and have been advised that I currently have about £100 in that pension. I asked for and completed the paperwork which is needed in order to transfer the amount into my Teachers' Pension.
I have contacted Teachers' Pension asking how to transfer the money in but as I left teaching some time ago and opted out of the scheme, I have been advised that I cannot transfer any money into it.
Is this true?
How do I go about getting the £100 otherwise?
Any help would be appreciated.
I have recently left a company which had me set up with Now Pensions and have been advised that I currently have about £100 in that pension. I asked for and completed the paperwork which is needed in order to transfer the amount into my Teachers' Pension.
I have contacted Teachers' Pension asking how to transfer the money in but as I left teaching some time ago and opted out of the scheme, I have been advised that I cannot transfer any money into it.
Is this true?
How do I go about getting the £100 otherwise?
Any help would be appreciated.
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Comments
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Are you currently in a workplace pension scheme?0
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I have contacted Teachers' Pension asking how to transfer the money in but as I left teaching some time ago and opted out of the scheme, I have been advised that I cannot transfer any money into it.The teachers pension can only accept transfers in if you are currently employed as a teacher and an active member of the scheme.
Is this true?
You say you are not currently employed by them and you opted out of the pension as well (a very bad decision). So, you cannot transfer it into a scheme you never were a member of.How do I go about getting the £100 otherwise?You dont get it. It needs to stay in a pension until you are in the retirement age range. So, it can stay where it is with the Peoples Pension or you can transfer it to your current employers workplace pension.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Hopefully the op really just meant they had stopped teaching and was a deferred member of the teachers pension scheme, not that they had actually opted out of being a member in the first place 😳.
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