NOW OPEN: the MSE Forum 'Ask An Expert' event. This time we'd like your questions on TRAVEL & HOLIDAY DEALS. Post by Wed and deals expert MSE Oli will answer as many as he can.
Why can't I transfer out of employer's pension into Vanguard consolidated pot?
in Pensions, annuities & retirement planning
26 replies 1.1K views
Latest MSE News and Guides
Energy Price Cap change
Martin Lewis on what it means for youMSE News
Best £1 you've ever spent?
Share your most impressive bargainsMSE Forum
New MSE Forum avatars available
Try 'em out nowMSE Forum
Investment funds - The People's Pension (thepeoplespension.co.uk)
Your employer has to integrate their payroll system with the pension provider. This isn't easy and has to include all sorts of scenarios such as paid and unpaid leave, bonuses, buying/selling holidays, negotiating notice periods, plus calculate all the changes to employment taxes due to changes in contributions etc etc. and the pension company has to keep their fees low.
Your pension only becomes profitable after a couple of years. So if you could transfer it at any time the fees would need to increase to cover this scenario.
2023 £1 a day £54.26/365
Interested as to why a pp thought it was a mistake to put it all in S&P500?
My consolidated pot is VWRL so that would be my alternative.