Pension has stopped and growth -£1021 30 December 2022 at 12:09AM in Savings & investments 3 replies 437 views

jarv81178

I’ve recently changed jobs and therefore my pension stopped with Royal London, what should I do? It has dropped by £1024 in last 12 months?!

El_Torro

You have various options, including:

Keep paying into it
Transfer the assets to your new employer’s pension scheme
Leave it as it is and access the money when you retire. 

Transfer the assets to your own SIPP.

If you have a new employer then the likely easiest thing to do is to transfer the pension to their scheme, that way you only have to worry about one pension. It’s not easy to say whether this is the best option for you without more details though. 

I wouldn’t worry too much about the value of your pension going down in the last 12 months. Most funds have lost money in the last 12 months. 

dunstonh

It has dropped by £1024 in last 12 months?!

as to be expected during a negative period.  Investments go up in positive periods and down in negative periods.   All quite normal.  Growth years significantly outnumber negative years.

what should I do?

a) do nothing
b) transfer it to your new pension scheme with the new employer.
c) transfer it to your own individual pension (probably not worth it with that value - its something you tend to do if you are a frequent job mover)

Albermarle

jarv81178 said:

I’ve recently changed jobs and therefore my pension stopped with Royal London, what should I do? It has dropped by £1024 in last 12 months?!

That seems a rather small drop. Presumably there is not that much in the pot ? £10K ?