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Pension help

5 replies

Eruss · 31/01/2021 20:31

I worked for a company where I paid into a pension through the council (it just came direct out my wages) I worked there for 2 years but almost a year of that was on maternity leave, I handed in notice after the maternity as wasn’t able to return to work, so my leaving date was 2016.
We ended up moving to a different council area & I’m now working again and paying into a pension.

My question is can I get the money transferred from the first pension to the new one? It wasn’t a huge amount of money as I wasn’t full time but I’m not sure if it can be done.

TIA Smile

OP posts:
notdaddycool · 31/01/2021 21:49

It may not be wise. Working for a council you might get an amount a month from retirement to death. It may not be a huge amount but is better than you’d get from a cash plan.

notdaddycool · 31/01/2021 21:50

Didn’t finish that, take some advice, but beware many advisors will make their money from commission if you do move.

Eruss · 31/01/2021 22:07

Oh that’s a shame, it was under £2000 I think, was hoping it would just transfer over and add to my ‘pot’
I’ve still got a long way off drawing it yet.
I’ll leave it if it’s not worth the hassle though

OP posts:
80sMum · 31/01/2021 22:24

You'll need to contact the administrators of both pension schemes.
Ask the previous pension provider what the transfer value will be of your accumulated pension and whether charges will be incurred if you transfer out of the scheme.
Ask the new pension provider whether the new scheme accepts transfers in.
Get as much information as possible, so that you're sure that you're making a fully informed decision.

Eruss · 31/01/2021 22:33

Thank you both, great advice Smile

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