Your pension does not disappear
Changing jobs does not usually mean losing your pension. The money or benefit you have built up remains subject to the scheme rules. What changes is that you may stop contributing to that employer's pension and may need to decide what to do next.
One option may be to leave the pension where it is. This can be simple, especially if the charges are reasonable and the fund choice still suits you. The pension remains invested, and you can review it alongside your other retirement savings.
Another option may be to transfer the pension. Depending on the scheme rules and your circumstances, you may be able to move it to a new employer scheme, a PRSA, a personal retirement bond or another suitable arrangement. Transfers can simplify pensions, but they can also change charges, investment options and retirement rules.
If you move jobs several times, it is easy to lose track of old pensions. Keeping records matters. You should know the provider, policy number, current value, fund choice and any special benefits or guarantees before making changes.
Before transferring
Do not transfer just because tidying up feels neat. Compare the old and new arrangement first.
- Check charges in both places.
- Compare fund choice and risk level.
- Look for guarantees, protected benefits or special rules.
- Understand whether retirement options change.
- Keep a clear record of every pension you have built up.