You can then choose to:

  • transfer the value of your Pension Account to another pension arrangement; or
  • keep your Pension Account in the Plan until you retire.

If you move jobs 3 or 4 times in your career, perhaps consolidating your retirement savings so they’re easier for you to manage is something to consider.

Below we explain the practical considerations of transferring your Pension Account and leaving the Plan. If you think you’d like to transfer, read the step-by-step guide on the 'Can I move my pension' FAQ page.

Stay in touch

Make sure we have your personal email, phone and address details, so we can contact you quickly and securely with updates about your Pension Account. You can update these on the 'My Details' page when you log in to the Plan website.

Transfer to a new pension pot Keep in the Plan
Transfer to a new pension pot You can transfer your Pension Account to a new employer’s pension plan, another pension arrangement that you’re currently contributing to or you can set up a self-invested personal pension if you prefer. You can keep your Pension Account in the Plan
Transfer to a new pension pot Pros:
  • easy to manage – as you may have multiple (4 or 5) pension pots to manage
  • although the Plan’s charges are competitive – lower ones may be available
    		•  Pros:
  • your Pension Account is invested in a well-run pension scheme where the Trustee monitors performance and the appropriateness of the Plan fund charges for investing your Pension Account are also assessed independently each year
    		•
    Transfer to a new pension pot Cons:
  • time needed to sort out the transfer
  • no guarantees that your pension pot will perform better than the funds it is currently invested in
  • there are some costs and risks associated with moving your pension pot from one arrangement to another – usually these are due to costs buying and selling the underlying assets
    		•  Cons:
  • one more thing to manage – you need to keep in touch with the Plan and regularly log on to check how well your Pension Account is performing
  • one more pension pot to manage when you reach retirement
    		•
    Find out about consolidating your pension pots at:

    https://www.moneyhelper.org.uk/en/pensions-and-retirement/building-your-retirement-pot/transferring-your-defined-contribution-pension