What happens to your workplace pension when you change jobs?
Are you wondering what happens to your pension when you change jobs? Many people lose track of their pensions, leading to significant financial losses. Transferring your pension to your current provider offers several advantages, including easier planning, increased accessibility and tailored investment options.
So, what happens to your pension when you change jobs and what should you do about it?
Benefits of transferring your pension
When you leave a job, you typically have a few options for your pension: leave it where it is, cash it out (if applicable), or transfer it to your new provider. While leaving your pension as is might seem convenient, transferring it to your current provider can offer several benefits:
Key considerations before transferring
Before you rush to transfer your pension, there are a few key factors you should keep in mind:
Making Informed Decisions
Managing your pension shouldn’t feel like navigating a maze. Using free, impartial sources like MoneyHelper can provide the guidance you need to make informed decisions. Understanding your options, from leaving your pension where it is to transferring it to a new scheme ensures you’re not losing out on valuable retirement funds.
We make it easier to manage your pensions with our Track, Trace, and Transfer feature available in the member portal.
This tool helps you locate old pensions, ensuring you don’t lose out on any of your hard-earned money. Best of all, it doesn’t cost you anything to reconnect with your lost funds.
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Find your old pensions with ease
While many pensions are straightforward to transfer, some have special features that are best left untouched. If we find any such pensions, we’ll notify you before making any transfers so you can make an informed decision.
Ready to reunite with your pension?
Log in to the member portal and use our Track, Trace, and Transfer feature today to locate your old pensions and start planning for a financially secure retirement.