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Moving from a company pension to a private pension
KTF
Posts: 4,855 Forumite
I am thinking about changing jobs and my current employer provides a pension that they pay in to each month.
The company that I am considering changing to says that they will also contribute to a pension but you set it up yourself and they then pay in to it as it is a small company.
This seems straight forward enough but I have no experience of this as have always had a company pension so if I were to change jobs would my existing company pension be 'frozen' - i.e. no more payments will go into it - and it kicks in when I retire or can it transferred to a private pension that the new company then pays into?
Or, do I need to speak to an IFA to start my own pension that the new company would then pay in to and that runs in parallel with the 'frozen' old company pension?
The company that I am considering changing to says that they will also contribute to a pension but you set it up yourself and they then pay in to it as it is a small company.
This seems straight forward enough but I have no experience of this as have always had a company pension so if I were to change jobs would my existing company pension be 'frozen' - i.e. no more payments will go into it - and it kicks in when I retire or can it transferred to a private pension that the new company then pays into?
Or, do I need to speak to an IFA to start my own pension that the new company would then pay in to and that runs in parallel with the 'frozen' old company pension?
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