Q.
Hi Adam, I need your help. I feel like I’ve got myself in a pickle and I’m not sure what to do. Over the last 10 years I’ve paid into different work place pension schemes at the two different companies I’ve worked at. The one at my old job I haven’t kept on top of and now I don’t know how I can access it as I don’t know who it’s with or the account number etc. Do you know how to find your old pension accounts that you’ve paid into? And once I’ve found it, should I transfer it to the current scheme I’m paying into and how easy is that? Really grateful for any help you can give me. Thanks Beth
A.
- Your National Insurance number
- The date you started and left the previous employer, and name of the company you worked for.
- The dates you started and left the pension scheme.
Part 2:
When you’ve found your pension you’ll need to consider a few things before transferring it. If you decide to transfer it is easy to do; contact your current pension provider and ask for transfer paperwork, they should be able to help.
Consider the following:
- Is the pension product charges more or less?
- Do you have the same, more, or less investment options?
- Will consolidation make life easier?
Pros for transferring:
- Cheaper pension.
- Better investment choice.
- Easier to keep track of one pension.
Cons for transferring:
- More expensive pension.
- Less investment choice.
- The old pension has benefits and guarantees that you would lose if you transferred.
