Closed Pension Scheme - What to do next

ElCarlosL

I recently started a new job and have a small pension with my old employer. I received a letter recently stating that the scheme was closed as I’d left and they are asking if I want to leave the money where it is or move it to another scheme. 

Due to the amount, I’m quite open to moving it elsewhere however I’d like it to move into a scheme where it could potentially be invested and grow. My knowledge on pensions isn’t great so not even sure if this a thing? If it is, are there any recommendations to look at? I appreciate there risks involved. Thanks in advance 

DE_612183

Do you know where it is currently invested?

Somebody

I assume you have a pension at your new employer?  You may be able to transfer the old pension to this one.  Saves having to track various pots, especially if they are relatively small.

ElCarlosL

DE_612183 said:

Do you know where it is currently invested?

Current pension is with Royal London 

ElCarlosL

Somebody said:

I assume you have a pension at your new employer?  You may be able to transfer the old pension to this one.  Saves having to track various pots, especially if they are relatively small.

I do - I’ve moved from private sector to public, and at the moment, only qualify for the standard Alpha scheme they run 

xylophone

I recently started a new job and have a small pension with my old employer. I received a letter recently stating that the scheme was closed as I’d left and they are asking if I want to leave the money where it is or move it to another scheme. 

The Scheme has not closed because you left!



Was this Pension Scheme defined contribution or defined benefit?

https://www.gov.uk/pension-types#:~:text=defined contribution - a pension pot,ve worked for your employer


https://www.civilservicepensionscheme.org.uk/joining-the-pension-scheme/transfer-an-old-pension-into-your-civil-service-pension/

You may be able to transfer into the Alpha Scheme.

Alpha is a defined benefit scheme.

Universidad

ElCarlosL said:

I’ve moved from private sector to public, and at the moment, only qualify for the standard Alpha scheme they run 

Well, the good news is that this is an absolutely top tier pension scheme to be a member of, so you've landed on your feet from a pension perspective.

It's likely that you will be able to transfer into the new scheme if done within the first year of joining. (It can take a while to process, so don't delay if you want to do this.) 

You can start the application process and see if you think the amount of benefits they offer against the value of your old pension pot is worth it or not. It's not a sure thing just because Alpha is a good pension that a transfer offer will be worth doing. 

But either way, the benefits you are now accruing in your new role are very valuable.