What happens to my pension when I change jobs?

If you’ve changed jobs a few times over the years, chances are you will have several workplace pension pots to your name – one you started with each individual employer.

You should receive an annual statement from each provider to let you know how much money is in your pot, what it's invested in, and how it has been performing. If you have several policies, then it can become hard to keep track of everything.

A major pitfall, and one I see all too often, is if you’ve moved to a new house and failed to update your address with the provider, then you’re not going to get these annual statements anymore – and if you don’t have any paperwork for them, you could now be one of many with a pension pot floating about in limbo.

How do I find out if I have a pension?

There was a change in pension laws a few years ago, and you should now be enrolled in your current workplace pension scheme automatically, unless you’ve decided to opt-out.

Your HR department will be best placed to provide you with information on your current employer pension scheme; such as confirming the pension providers name and details on the scheme. If you previously decided to opt-out, they’ll also be able to help you opt back in.

For older pensions, if you remember paying into one at your previous workplace, you can check back through annual pension statements and old payslips to find more information.

If you’re confident you paid into a pension at a previous job, but you can’t find any information, then there are a few things you can do to find a lost pension. The Pension Tracing Service can help you find the contact details for old pensions if you know the employer or pension provider’s name. It won’t confirm whether or not you actually have a pension with the provider, but it’s a good place to start.

If you choose to move your old pensions into one pot, your adviser, or the new pension provider, might be able to track down your old pensions on your behalf.

Can I transfer all my pensions into one pot?

The short answer is no.

Not all pension schemes can be transferred, and some of your pensions could have some really attractive features such as guarantees, larger tax-free cash amounts and other important benefits that you would sacrifice if you moved.

You could be one of the lucky ones who have a final salary pension scheme, and it will almost always make sense for your money to stay put, even if you’re no longer in the scheme. If you do have one of these schemes, and you are considering transferring it, it is a legal requirement to seek the advice of a Financial Adviser before doing so if your pension is worth over ￡30,000.

How do I keep track of old pensions?

Make sure your old pension providers know where you live is a great start! If you change your name, contact details etc. let them know. By keeping your contact details up to date, you will have less chance of losing, or forgetting about, your pension pot over the years.

Some providers offer an online service where you can log in and view your pension pot with them from your computer/smart phone etc.

You could look to combine your old pensions into one so it’s easier to manage. Aside from the final salary scheme we discussed above, you don’t need anyone’s permission to combine your pensions, but that doesn’t mean it’s in your best interests to do it.

If you are considering combining your old pensions, then having a Financial Planner look over all the intricacies of your plans will really help you.

The value of a pension with?St. James's?Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.