Moving Pensions

im4gine3

im4gine3

im4gine3

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Joined
7 Oct 2015
Posts
1,220
Wondered what people do when they move to different jobs? Do you keep your pensions with the provider, or do you move the pension to the provider of the current company you are with?

Not sure if there are any downsides to leaving the pension where it is, or to shift it (depending how many jobs you have been in and what provider they use), to one single company.
 
It depends. You need to take a look at each schemes rules and regs. Don't be fooled by words like "consolidation". Assess each scheme on merit.
 
Agree it depends. Some schemes are really good and have benefits that you don't want to lose.

If there aren't any particular benefits, it is usually better to transfer them to a third-party. There's a wide range of charging models, and transferring your pensions to a provider that has capped fees will usually be cheaper than just moving them wholesale to the provider your new employer uses.

Also most of the providers my employers have used have been a PITA.
 
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