What happens if I change jobs?
Your pension scheme must be able to give you an up-to-date statement of the value of your pension when you change jobs. If you change jobs and you want to transfer your pension, you can ask your present scheme to pay a cash lump sum on your behalf into another occupational, stakeholder or personal pension scheme as long as your new scheme will accept it. The scheme will then tell you what pension benefits your money will entitle you to. Or, you can leave the amount you already have in your present scheme and start a new scheme with your new employer.
There may also be administration costs associated with the transfer, so if you are not sure what to do for the best, you can get advice from a financial adviser. But remember, if you see an adviser you may have to pay for their advice.
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