Pension Help Needed.....

[AliceTickband]

Left my job a few months ago and as a result was taken out of the pension scheme. Was intending to transfer the pot into my new job's pension scheme but now find myself unemployed.

So my options are to accept a refund of my contributions minus tax (and lose all of the contributions my employers made) or I can keep the entire pot if I transfer it into a new pension. Would it be worth creating my own pension pot to keep the money in for now?

TIA

[buildersmate]

I assume that your previous employer has told you those ARE your only options? Another option that typically applies is that you leave the money in the old employers scheme and become a 'deferred pensioner' of their scheme. This may be attractive if the scheme is good. Some pension trustees put limits on this - for example, the valuable civil service pension scheme will not allow it unless you had at least 2 years continuous service. You may want to explore this option.

Secondly, you cannot automatically assume that you can transfer into the new employers scheme - the new company trustees may not allow it. And if it is a 'defined contributions scheme' (as most are nowadays) there is no particular reason to transfer anyway.

You should be able to put it into your own private pension pot, if you are not allowed to keep it in the old company scheme.

This does not constitute advice - just a couple of options to look at. You may need to pay for professional advice.

[AliceTickband]

Thanks a lot for your answer........very helpful