WPP - Defined contribution or not?

JustAnotherSaver

Ok, relative was with an employer, auto enrolled in to the WPP with NOW Pensions.

Left employer, went to new employer, auto enrolled in to the WPP with The Peoples Pension.

The NOW Pensions pot isn't large (few grand, maybe 5k ish) and after talking about it he wants to transfer it across so everything is with his current provider - The Peoples Pension.

The transfer section says:

Consolidating your pension pots

Transfer your other pensions into one pot

Having your pension savings in one place can be beneficial, especially if it lowers the fees you pay. You must read one of our guides below first to make sure it’s right for you – whichever’s relevant to the kind of pension you want to transfer.

Transferring from a defined contribution or money purchase pension

You may be able to start your transfer online, but if your other pension provider needs an original signature from you we’ll send you a paper form.

• Defined contribution guide for transferring into The People’s Pension

It's just a workplace pension as far as we're aware. No mention of what it is beyond that.

Do you know whether it'll be a Defined Contribution pension and if you wont know, do you know how he can find this out?

Hopefully the answer isn't to contact NOW Pensions because he'll probably be retired before he gets a response out of them. Those who are with NP should know what I mean.

xylophone

WPP 

Workplace Pension Plan?

https://www.nowpensions.com/help-and-support/members/faqs/different-types-of-pension/what-is-a-defined-contribution-pension-scheme-2/#:~:text=In a defined contribution (DC,returns on your investments.

In a defined contribution (DC) pension scheme, you build up pension savings that you use to provide an income when you retire. Your pension savings build up based on:

• contributions from you (and your employer if you’re in a workplace scheme), and

• returns on your investments.

Our Scheme is a workplace DC pension.

JustAnotherSaver

xylophone said:

WPP 

Workplace Pension Plan?

https://www.nowpensions.com/help-and-support/members/faqs/different-types-of-pension/what-is-a-defined-contribution-pension-scheme-2/#:~:text=In a defined contribution (DC,returns on your investments.

In a defined contribution (DC) pension scheme, you build up pension savings that you use to provide an income when you retire. Your pension savings build up based on:

• contributions from you (and your employer if you’re in a workplace scheme), and

• returns on your investments.

Our Scheme is a workplace DC pension.

Sorry, MSE is rubbing off on me and I'm starting to fill my posts with abbreviations. WPP = Work Place Pension is what I meant

Thanks for confirming anyway. You're quicker than TPP (The Peoples Pension ) and they were asked at the start of the week.