Frozen Pension

I have a frozen pension- What Should I do?


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  Welcome to The Complete Pension Guide 2017!

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I have a frozen pension- What Should I do?

When an employee leaves an employer their active membership of the company pension scheme ceases. Normally if you were employed for 2 or more years a preserved or frozen pension will be left and will be managed by the company until your retirement. The term frozen is a bit misleading as the pension will normally increase in value (re value) in line with the investments or sometimes the retail price index.

Transferring to a new company pension scheme
If you have an old frozen pension you may want to look into transferring to your new company scheme. There may be a time limit for you to transfer in, and some company schemes will say no to transferring in final salary schemes. If it is possible to transfer in then you should compare the old and new schemes. There may be a massive difference between the relative merits of each, and it may even be a very bad idea to move the funds. It is best to get financial advice to help you through the process.

Transferring to a Personal Pension
Again, sometimes it is not possible or advisable to transfer form the old scheme due to guarantees, or because the old scheme is better. Get financial advice fom an Independent Financial Adviser to help you get the facts and make the decision.

So if you have a frozen pension ask an IFA whether your money is best staying where it is, or being moved to another pension scheme.