Leaving job

skinny90

Hi all,
I’m leaving my job the end of this month.
My current job comes witha lot of perks. Things like a private pension. Do I simply transfer it? If so how do I do that?
I used benefits via an allowance to purchase 5 days vacation, do I get them back?

Anything else I need to be wary about ?

Thanks

Interested Observer

You can transfer your pension to a new provider, or you can leave it where it is. When you leave the scheme you'll get documents from your pension scheme telling you what your options are. It is usually just a matter of filling a form in, it takes ages for the pension to transfer from one scheme to another though just to be aware.

skinny90

Interested Observer wrote: »

You can transfer your pension to a new provider, or you can leave it where it is. When you leave the scheme you'll get documents from your pension scheme telling you what your options are. It is usually just a matter of filling a form in, it takes ages for the pension to transfer from one scheme to another though just to be aware.

Hey,
Thanks
Am I at any advantage bringing it with or leaving it there?
How do I know for sure the money does just disappear in a few decades?

skinny90

Anyone?

jimmycrackcorm

You can usually transfer it to your new pension.
The problem with leaving it there is that you can easily forget about it in years to come especially as you change jobs and end up with multiple pensions

CheerLouth

skinny90 wrote: »

Hey,
Thanks
Am I at any advantage bringing it with or leaving it there?
How do I know for sure the money does just disappear in a few decades?

You can transfer it into a personal bond - I'm not sure of the correct name of it. But basically, you get a statement from the current pension provider saying you've left the company & then you can invest it into a bond where you don't put any more money into it but it continues to accumulate until the age of retirement.

I'd recommend getting advice from an independent financial advisor. They'll give you the options you have and help you to weigh up and pros and cons.

JimmyAlfonso

Most likely you will be hit with some charge for selling/closing your old fund and transferring to a new one. If you're not too bothered about having your pension split in more than 1 fund then leave it where it is. I would contact your pensions rep/HR though as there are many different types of funds/providers with many different T&C's e.g. you may have limited access to make fund changes to the old pension after you leave.

Misguided1

Assuming you have 2 years service in the job that you are leaving, you will be given various options upon leaving. Leave it where it is or transfer it. Any outstanding annual leave will be paid to you with your final salary assuming you have not used more than your year to date accrual.

BrokenArrows

Regarding the pension, you might be able to get a new employer to pay your pension into your existing fund.