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Question of the month

Question

I’m leaving my job - what are my choices with my pension?

Answer

If you are moving to another job in a similar sector, then there's a good chance you can start paying into the Local Government Pension Scheme with your next job, as it's open to local authorities all over the country plus hundreds of kindred bodies. In this case it would be very easy to transfer your benefits across.

You can transfer your benefits to all kinds of other registered pension schemes too, but be cautious if it’s a personal pension. View more information about pension scams.

If you don't choose a transfer then you can choose...

  • a refund (only if you've got less than two years in the scheme), or
  • deferred benefits (you normally need two years or more in the scheme to do this). This is simply leaving your benefits on hold.

More about leavers' choices

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