Changing jobs can lead to a lot of things to think about. It can be easy to forget your pensions. This is why the average ‘lost’ pension in the UK is over £9,000.
Reviewing new pension schemes
Try and keep on top of your pensions when you change jobs if you can. When you start with your new employer, they will automatically enrol you into their pension scheme, providing you meet a few criteria. Here are a few tips for your pension when you change jobs:
- Wait for your employer to set you up with your new pension. They will let you know as soon as they’ve done this. Your employer will either enrol you as soon as you start, or within the first three months.
- Once you’re set up, do a few tasks like checking your details look correct, nominating your beneficiaries for any life cover, and reviewing your investment choices. Your pension will put you into a default investment, and most people are usually happy with this, but you will have other choices if you prefer to switch into something different.
- Once you’re happy with everything, think about whether you would like to consolidate your old pensions, or keep them separate.
