Transferring your pension when you move job

October 18, 2022

Employment pension schemes

When switching careers, most people take the time to consider several factors. However, one area people fail to be very careful about is what happens to their pension. Employment pension schemes are usually managed by trustees, who are also pensions’ legal beneficiaries.

When you leave your employment without tidying up your pension issues, your status on the scheme will change to “deferred.” This means that the active members of the scheme will be treated with greater priority. Additionally, you could die before retirement, and it would be difficult for your dependents to recover your benefits from your previous place of employment.

Leave the Pension With Your Employer

As you must tell from the discussion up to this point, this is our least favourite option. It, nonetheless, has some benefits. The one that readily comes to mind is that you will most likely have to pay fewer charges if you leave your pension managed by your former employer. Group managed pension schemes notoriously charge lower than individual schemes.

However, on the flip side, the disadvantages are substantial. Some of the drawbacks to leaving your pension contributions with a previous employer include the following:

● Your old firm could pack up shop. This could complicate your pension recovery process when you retire.
● Trustees are not obligated to keep in touch with you. This is especially true as you become a deferred member. Hence, if you move, your pension benefits could disappear.
● The scheme rules will dictate pension benefits. This might not be in your best interest.

Transfer into a Personal Retirement Bond

A personal retirement bond, also known as a Buy Out bond, allows you to move your pension to a scheme you will manage yourself. People who take out a personal retirement bond are those leaving their jobs or their company’s pension schemes.

There are many advantages if you choose this option. These include:

● Your pension’s full cash value will be in one account. There will be no changes to your accumulated benefits when you transfer to your new account. If you want to explore a lump-only service option that is still possible. Essentially, your pension transfer value will not be tampered with.
● You will completely control your pension scheme, benefits, and investment decisions. A group-run pension scheme may not factor individual considerations when making a call.
● You can design your investment pathway by yourself, considering your risk appetite. With a group-run pension scheme, there is always the risk of conflict with the group’s investment plans and objectives. However, you have no such problems with a personal retirement bond. You can invest any way you want to and bear any risks or rewards that may arise from there.
● You can access your pension benefit when you get to 50. Thus, there is no difference in this regard from if you are using a regular scheme.

Combine Pension Pots

Sometimes, you may have two or more pension arrangements simultaneously. For instance, you may have had multiple previous employers who used different schemes. In this case, it would not be as simple as either leaving your pension fund with your previous employer or taking out a personal retirement fund.

Combining your pension pots also has its advantages. For instance, you get to pay reduced fees in charges and taxes. In addition, it makes it easy to administer the pension scheme since you will have just one provider. You can access your benefits once you get to 50 and above.

Takeaways

Your pension is your legal right. It can be what ensures that you have a blissful experience upon retirement. This makes it important to pay attention to your accumulated pension fund if you leave a place of employment.

We have given you several options to choose if you need to secure your pension. However, we recommend you transfer your pension fund to a personal retirement fund for the reasons discussed above. You may be unclear about certain things. Secure Your Future can clear up any confusion for you. So do reach out, and let’s begin the conversation!

What Customers Have To Say

Testimonials

        Posted on Google  
   
   Declan Sheridan 
 91 days ago
 
 
 Trustindex verifies that the original source of the review is Google. Great advice from Oisin with tangible outcomes , quickly increasing in the value of investments.
  
 
     Posted on Google  
   
   Javad Hosseinian 
 92 days ago
 
 
 Trustindex verifies that the original source of the review is Google. I've just had my annual pension review with Oisín, and once again it confirmed why I trust him with both my personal pension and my company's pension through JH Compliance Consultancy.

What I appreciate most is his straightforward, no-nonsense approach. He explains everything clearly, gives honest advice, and focuses on what's genuinely in my best interests rather than trying to sell products. Every meeting is well prepared, informative, and leaves me confident that my pension planning is on the right track.

If you're looking for a knowledgeable, trustworthy financial advisor who keeps things simple and practical, I can highly recommend Oisín. An absolute pleasure to deal with.
  
 
     Posted on Google  
   
   Anne Healy 
 100 days ago
 
 
 Trustindex verifies that the original source of the review is Google. Oisín is currently my financial advisor, and I’ve found him to be professional, knowledgeable, and highly responsive. He takes the time to explain the options available, answers any questions promptly, and provides regular check-ins to ensure I stay informed about my investments. I have been very happy with the level of service, communication, and support he has provided throughout the process.
  
 
     Posted on Google  
   
   Camilo Girón 
 106 days ago
 
 
 Trustindex verifies that the original source of the review is Google. Oisín has been incredibly helpful, knowledgeable, and professional throughout the process. He took the time to explain everything clearly and made what could have been a complicated experience feel straightforward. I wouldn’t hesitate to recommend him to anyone looking for trusted financial advice.
  
 
     Posted on Google  
   
   Trevor Cunniffe 
 135 days ago
 
 
 Trustindex verifies that the original source of the review is Google. I have recently worked with Oisin and his colleague Courtney with regard to a number of old pensions I had linked to different previous jobs.

They were extremely helpful and very responsive to all of my questions. I got almost immediate feedback for all of my queries. The length of time it took to get lump sum payments was much quicker than expected. The same is true for how long it took them to set up my retirement bonds/ARFs.

I would highly recommend them to anyone who is thinking of accessing their pensions.
  
 
     Posted on Google  
   
   Chris McFerran 
 167 days ago
 
 
 Trustindex verifies that the original source of the review is Google. I reached out to Oisin about moving a pension from previous employer, as well as other investment advice. He has been excellent from the very first communication, and would highly recommend.
  
 
     Posted on Google  
   
   Pat Carroll 
 212 days ago
 
 
 Trustindex verifies that the original source of the review is Google. I recently worked with Oisin Gerathy at Secure Your Future to get my pension properly organised, and I couldn’t be happier with the service. Everything was explained clearly, and the whole process was handled in a very professional and straightforward way.

A special thank you to Courtney, who was incredibly helpful throughout – always responsive, patient, and willing to go the extra mile to make sure I understood my options and felt confident in the decisions being made.

I would highly recommend Oisin and the team at Secure Your Future to anyone looking for reliable and knowledgeable advice on pensions and long-term financial planning.
  
 
     Posted on Google  
   
   Simon Bockett 
 274 days ago
 
 
 Trustindex verifies that the original source of the review is Google. Oisin listens and always delivers. He is quite simply the best QFA I have ever consulted. Adaptable, fully up to date with current pensions and financial advice. During our review session today he provided a great tip about a Dutch pension I am entitled to having worked in The Netherlands over 30 years ago. If you need any kind of financial and retirement planning guidance, give Oisin a call.
  
 
     Posted on Google  
   
   Ger Flanagan 
 278 days ago
 
 
 Trustindex verifies that the original source of the review is Google. It was a pleasure to work with Oisin from start to finish. All guidance was clear and every question I asked was answered thoroughly. Never felt pressured at any stage whilst investing in a pension and he was extremely patient as I decided on what route to go down.
  
 
     Posted on Google  
   
   Anne-Marie McSweeney 
 282 days ago
 
 
 Trustindex verifies that the original source of the review is Google. Really happy to recommend Oisin for any financial advice, particularly around planning for the future, pensions etc. and investments. He gave us excellent advice on investment options for a lump sum, that is yielding great rewards. In the medium to long term, this will help my husband and I to plan for a comfortable future, and to look after our 4 children as best we are able. Lovely, guy, great to check in, and sound, solid advice. 5 Stars
  
 
     Posted on Google  
   
   William Brennan 
 329 days ago
 
 
 Trustindex verifies that the original source of the review is Google. We have been looked after very well by Oisin over the last few years. Very knowledgeable  and experienced and we would be very happy to recommend him to anyone seeking financial advice. William Brennan, Brennan Group (Legal, property, farming)
  
 
     Posted on Google  
   
   Dignity4Patients 
 337 days ago
 
 
 Trustindex verifies that the original source of the review is Google. Oisín recently guided us through evaluating and setting up a company pension scheme for our employees, and we cannot recommend him highly enough. From our first conversation, his professionalism and expertise were immediately apparent. He took what could have been a complicated, overwhelming process and made it genuinely straightforward.

What stood out most was his exceptional responsiveness and his ability to explain every step in a clear, practical way, allowing us to make confident, well-informed decisions. His advice was not only sound but thoughtfully tailored to the needs of our business and our team.

Oisín’s approachable manner and genuine commitment to helping us build a strong employee benefits offering made the entire experience seamless. He is an invaluable partner in navigating pension planning with clarity and confidence.
  
 
     Posted on Google  
   
   Declan Fehily 
 350 days ago
 
 
 Trustindex verifies that the original source of the review is Google. Oisin and his team helped me discover hidden fees in my pension. With access to Vanguard index funds, switching proved to be an excellent decision. I've been very satisfied with both the process and the customer service since making the move.
  
 
     Posted on Google  
   
   David Sykes 
 352 days ago
 
 
 Trustindex verifies that the original source of the review is Google. In the past year Oisin helped me to transfer my UK pension to Ireland and I also started a PRSA via Oisin. From start to finish, Oisin made the entire process simple; always on hand to answer any questions and offering expert advice on investment options for my personal and family circumstances. Oisin is professional, personable and knowledgeable; offering expert personalized advice. I would strongly recommend Oisin as a QFA for anyone looking to evaluate any aspect of their pension and investment options.
  
 
     Posted on Google  
   
   Avril Butler 
 360 days ago
 
 
 Trustindex verifies that the original source of the review is Google. We've been working with Oisín for over 3 years now and have been very pleased with his service. He has provided excellent guidance on pensions and investments, and we're happy with the performance of our portfolio. I would highly recommend Oisin.
  
 
     Posted on Google  
   
   Conor Barry 
 361 days ago
 
 
 Trustindex verifies that the original source of the review is Google. Oisin gave great advice and pointed me in the right direction for my pension.
  
 
     Posted on Google  
   
   Darren 
 539 days ago
 
 
 Trustindex verifies that the original source of the review is Google. I highly recommend Oisin as an exceptional Qualified Financial Advisor. Throughout our professional relationship, his responsiveness has been outstanding - always getting back to me quickly with the information and guidance I needed.

Oisin provided excellent pension and protection advice tailored specifically to my financial situation. I particularly appreciated how he took the time to explain different options while ensuring I felt comfortable with my decisions.

What sets Oisin apart is his genuine commitment to his clients' financial wellbeing. His friendly demeanor combined with his deep expertise makes him an invaluable partner in navigating financial planning decisions. If you're looking for a knowledgeable, responsive, and client-focused financial advisor, I would recommend Oisin without hesitation.
  
 
     Posted on Google  
   
   Andrew Kenny 
 629 days ago
 
 
 Trustindex verifies that the original source of the review is Google. "Working with Oisin has been a game-changer in planning for my families future. He simplified the process, providing clear, step-by-step guidance on saving, investing, and maximizing my retirement income. Oisin's expertise made everything easy to understand, giving me confidence and peace of mind about my financial future. Highly recommend for anyone looking to retire with ease!"
  
 
     Posted on Google  
   
   Donal Rodgers 
 633 days ago
 
 
 Trustindex verifies that the original source of the review is Google. Exceptional Service – Highly Recommend!

Oisín provided outstanding support in helping me transfer my previous occupational pension, set up a new one, plan for educational savings, and arrange income protection. He made what could have been a complex process incredibly easy and stress-free. His friendly and knowledgeable approach made every step seamless, and I always felt confident that I was in safe hands. I highly recommend Oisín to anyone looking for expert financial advice with a personal touch.

Donal Rodgers
Client Director - Nexus Assurance
  
 
     Posted on Google  
   
   Ray Boyle 
 693 days ago
 
 
 Trustindex verifies that the original source of the review is Google. Oisin has given me excellent financial advice since I met him a year ago. He successfully moved my UK pension to Ireland and I rely on his ongoing sound advice in all financial matters.
  
 
     Posted on Google  
   
   Adrian Reid 
 706 days ago
 
 
 Trustindex verifies that the original source of the review is Google. I contacted Oisin to discuss a pension I had with my previous employer. He was very professional and helped me to move my pension. His advice was sound and honest. I would highly recommend him!
  
 
     Posted on Google  
   
   Kevin Doran 
 707 days ago
 
 
 Trustindex verifies that the original source of the review is Google. Very happy with my consultation, everything was explained well and I was very happy to continue with my pension plan. I would highly recommend contacting Oisin if you need financial advice
  
 
     Posted on Google  
   
   Declan Daly 
 708 days ago
 
 
 Trustindex verifies that the original source of the review is Google. Excellent service, Oisin is experienced and knowledgeable, I would highly recommend
  
 
     Posted on Google  
   
   Elaine McDonagh 
 708 days ago
 
 
 Trustindex verifies that the original source of the review is Google. Great service!
  
 
     Posted on Google  
   
   G K 
 714 days ago
 
 
 Trustindex verifies that the original source of the review is Google. Highly recommend Oisin as a Qualified Financial Advisor (QFA)! I moved my pension from the UK to his firm about 2 years ago and the performance in their index fund portfolio has been great.
The transition was smooth and Oisin provided excellent guidance throughout the process. He took the time to understand my investment goals and risk profile, then suggested an excellent index fund
In the 2 years since, I've been very pleased with the returns on my investments. The index funds have outperformed the UK market, allowing my pension to grow steadily. Oisin also proactively communicates updates and is always available to answer any questions I have.
If you're looking for a QFA you can trust to manage your pension or other investments, I'd strongly suggest connecting with Oisin. His expertise, personal service, and consistent results speak for themselves.
  
 
 
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Transferring your pension when you move job

Employment pension schemes

Leave the Pension With Your Employer

Transfer into a Personal Retirement Bond

Combine Pension Pots

Takeaways

What Customers Have To Say

Testimonials

Trusted financial advice to secure your future.

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