Pension auto enrolment

kona786

kona786

kona786

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Also if I notify them within a month of re-enrolment that I want to opt out again... do I get a refund of that month they took out?
 
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kona786 said:
I'm touched that you guys are looking out for my retirement plans.

A great help you've all been.
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We could be more helpful if you gave us the information that we need to help you. Every scheme is a little different unless you tell us which pension you are paying into, and someone happens to be in the same pension then your only way to find out is speak to the HR department.

Our staff could opt out the same month they got auto enrolled and get a refund that month as long as they didn't ask too close to pay role deadlines. Or they could opt out 3 months later but there would be large delay on the refund which wouldn't be the same month. But who knows if that applies to your pension since you never told us who it's with. All I can say is the majority of people who opt out are making a mistake and end up worse off bar a few rare exceptions. Generally speaking, opting out means you get less money long term and pay more tax.
 
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IME yes a refund was given. That was about 6yrs ago i think, and i paid in twice i think. Things could have well changed in that time, it's not something i follow.
 
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Evening All

I’ve worked all my adult life (48 now) but want to consolidate my pensions, I know I have a lump with my old company that I worked at for 11 years but is there a way I can search for my older pensions and is consolidation the best way to manage it?

Thanks in advance
 
iMacMart said:
Evening All

I’ve worked all my adult life (48 now) but want to consolidate my pensions, I know I have a lump with my old company that I worked at for 11 years but is there a way I can search for my older pensions and is consolidation the best way to manage it?

Thanks in advance
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www.gov.uk

Find pension contact details

Find the contact details for a pension provider by using the Pension Tracing Service
www.gov.uk www.gov.uk

Think with consolidation it might make a difference if the fees are lower if combined, I've personally got 3 or 4 pension pots, one of my old one's still enjoys a healthy annual discount on the fees if contributions are made so I've kept that one going as well as contributing to my current employers pension.

Got a small DB scheme one and a protected rights one (no idea what the protected rights are TBH) and a decent size one from my last employer as well.

I've always been interested in finding out if there are fees associated with transfers for consolidation but on the other hand, having a few pots with decently low fees spreads the risk around a bit as well.
 
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iMacMart said:
Evening All

I’ve worked all my adult life (48 now) but want to consolidate my pensions, I know I have a lump with my old company that I worked at for 11 years but is there a way I can search for my older pensions and is consolidation the best way to manage it?

Thanks in advance
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I am using pension bee, be careful that you don't transfer any pensions, that your previous employer is still paying into
 
I consolidated all of mine back in 2020, I much prefer having them all in one place, both for lower fees and picking my own investments.
As above, be careful you're not losing any benefits by doing so.
 
kona786 said:
Also if I notify them within a month of re-enrolment that I want to opt out again... do I get a refund of that month they took out?
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Once staff have been enrolled into the pension scheme, they have one calendar month during which they can opt out and get a full refund of any contributions. This is known as the opt-out period. It starts from whichever date is the later of:

  • the date active membership was achieved
  • the date they received a letter from their employer with the enrolment information
Staff can’t opt out before the opt-out period starts or after it ends. If they decide to leave the scheme outside this period, they will instead be ceasing active membership. Whether they get a refund of contributions will depend on the pension scheme rules.
 
Uther said:
I consolidated all of mine back in 2020, I much prefer having them all in one place, both for lower fees and picking my own investments.
As above, be careful you're not losing any benefits by doing so.
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I've managed to find a pot of funds I thought I had but wasn't 100% where, can I ask where you consolidated to? Pension Bee or similar? Thanks
 
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