Don’t Leave Your Old Work Pension Behind!

56% of us have pensions through our employer. But we’re also likely to change jobs and careers multiple times before retirement. Are you going to remember all of your jobs when you’re 65? If not, you might miss out on accessing all of your old work pension benefits.

How Do My Pension Contributions Work?

In every workplace pension, your contributions are taken from your gross pay, and passed to the company’s pension provider. They invest the contributions, and you can access them at your normal retirement age.

Each year, you receive a statement of the pension’s performance. You may also have some flexibility with being able to change your funds, and make extra contributions.

Why Get Pensions Advice?

You work hard, and deserve to plan for the future.

The State Pension might be a substantial drop in income for you.

Good advice can help you have a more comfortable retirement.

Get Retirement Advice from us

  • We’re regulated by the Central Bank
  • We’re financial planning professionals
  • We listen to what you need
  • We help you build on what you’ve already achieved

What Happens When I Leave My Job?

You’ll stop making contributions to that particular scheme. You might get your own pension, or join your new work pension scheme.

You’ll also stop getting yearly statements. This means you won’t know how your old fund is performing. Even though your contributions have stopped, your fund might still be growing.

You will no longer be an ‘Active’ member of the scheme, you’ll be a ‘Deferred’ member of the scheme.

What Are The Risks Of Leaving My old work Pension Where It Is?

  • You could forget you even have it.
  • If you die before you can access it, it’s difficult for your family to access it.
  • Your old employer may close down, which makes your pension harder to find.
  • If you emigrate or move house, the pension trustees may not be able to find you.
  • You have no control over how your fund is invested. If it performs poorly, there’s nothing you can do.
You’re still entitled to request information about an old pension!

What Can I Do Instead?

The first thing you need to do is request your Leaving Service Options Letter. This will tell you what’s allowed under the rules of the scheme. You might be able to transfer your pension to your new employer’s scheme, or take out a Personal Retirement Bond.

What’s A Personal Retirement Bond?

  • These are policies offered by Life Insurance Companies & Investment Firms. 
  • If your former employer’s scheme allows it, you can take a transfer value from your old pension, and invest in a PRB. 
  • You can choose your own mix of funds, with the help of a financial advisor.
  • You can’t make extra contributions.
  • The PRB follows some of the rules of your former employer’s scheme. This means that if your old scheme allowed you to take retirement benefits at 50, the PRB will as well.

Is It Too Late To Do Anything With My Old Pensions?

It’s never too late to check. Get in touch with your old employer’s HR department now. The Pensions Authority also has a list of company pension schemes, in case your former employer has closed down.

Don’t panic if it takes several weeks for them to get back to you. As a deferred scheme member, your queries will be dealt with after active scheme members, but you’ll still get your information.

I Have My Leaving Service Options Letter, What Do I Do Now?

You can contact us to review your options. We can answer your questions, and also give you advice about your overall retirement planning. We’ll help you to action your choices, and file your necessary paperwork.

Contact us now, we can help you plan your retirement

About Debbie Cheevers

Debbie qualified as APA in 2017 and a fully qualified financial advisor (QFA) in 2018. She believes that product knowledge is key to helping customers make the right choices.

Subscribe to our newsletter for regular information and ideas