Transfer to another Company Pension Scheme

If you have a preserved company pension and have since started a new job with another firm you may have the opportunity of joining the new employer's company pension scheme.

Transfer your uk pension from one company to another

There are several different types of company pension scheme and depending on the type, and rules of the scheme, you may be able to transfer a preserved company pension scheme into the new plan.

In some instances you may find that your new employer's pension is unsure whether they will accept a final salary transfer as there are certain legal issues which prohibit the new plans accepting all the members pension benefits. This causes difficulties with the transfer and as a result some schemes avoid the whole issue and refuse to accept them. If a scheme does allow you to transfer an old pension into theirs some will stipulate the transfer is processed within a set period of time, for example, within 12 months of joining the scheme.

Assuming a scheme allows transfers into their plan it is important to assess how good the current scheme is against the old one. Its not just a simple case of; "sure, lets go for it!" as the difference between the two could be far reaching and you may end up with drastically different pension benefits than you had in the first place. Request advice from one of our affiliated independent pension advisers and find out what is going to be the best option for you.