What happens if I lose my job or leave my current employer?Fri Apr 12 16:04:00 BST 2019 Back to results
You have three options, you can:
- Continue holding the current pension fund in the existing scheme, managing your fund selection as appropriate.
- Transfer to another pension provider.
- Start personal contributions. To do this you may need to transfer your Group Personal Pension to an Individual Personal Pension. Complete a Plan alteration form (PDF - 203kb) to do this.
Stopping contributions to your plan could affect the final amount of your savings.
You should be comfortable with the investment choices that you make as you may lose features, protections, guarantees or other benefits when you transfer. If you’re not sure, you should get financial advice - there may be a charge for this.
A transfer for consolidation purposes is from one capital at risk pension product to another – so the value of your investments after any consolidation can still fall as well as rise and the final value of your consolidated pension pots may be less than paid in.
Any new funds you move your money into will have their own set of risks that will be detailed in the fund information that will be available to you.