Hi Taiwo, thank you for your comment and for supporting the channel. YES - if you change job you can transfer into the new workplace or personal pension provider. Sometimes it is easier to have everything in one place for ease fo admin and so you don't loose track of your pension money. People can change jobs many times in their carerr so it is easy to lose track of where each pension is as their names change or you change address. Please keep watching and subscribe :-)
I think it's criminal that NEST don't allow partial transfers. I understand that they want to run their schemes on a less risky basis but I really don't think they should be able to hold your money to ransom. It's part of the reason we chose Aviva for our workplace pension provider. While some hassle I can partially transfer out money to my SIPP periodically which has lower fees and wider more aggressive investment choices and still benefit from employer contributions via continued participation.
Hi Tom, thank you for your comment and for supporting the channel. For many providers we work with it is possible for a partial transfer and to still benefit from employer contributions. The Government is working on a pensions dashboard to everyone can track their pensions and values and make transfers easier. There are enough barriers as it is to put people off from saving for their retirement, not least the recent changes in the Budget. Well doen for taking such an active in your retirement plan - bravo indeed :-) Please keep watching as the next video out this weekend is about protecting your home and inheritance against care fees costs. And subscribe :-)
@@Simonmoneymatters I applaud the Government's efforts to simplify things and the dashboard makes sense. I like their pension tracking service for example. I do think though that they should enact into legislation some of the trickier T&Cs that pension providers have. As well as the aforementioned discretion by provider with regards to partial transfers, I also have problems for example with different beneficiary options different providers have. Some will only allow a cash transfer out which of course with the new budget means a hefty IHT bill for the beneficiary. A different provider might allow you to transfer and keep inside a pension wrapper. If this was all mandated to be standard then it would help demystify the opaque soup of the financial & tax system and help achieve your aim of financial wisdom for all. Still, in the absence of that then keep up the good work to help us all - already a subscriber and looking forward to the next video :)
If one changes job, Can one transfer the pension contributions to a private SIPP or another employer .pls?
Hi Taiwo, thank you for your comment and for supporting the channel. YES - if you change job you can transfer into the new workplace or personal pension provider. Sometimes it is easier to have everything in one place for ease fo admin and so you don't loose track of your pension money. People can change jobs many times in their carerr so it is easy to lose track of where each pension is as their names change or you change address. Please keep watching and subscribe :-)
Opening a SIPP is the best thing you can do, it gives you options.
I think it's criminal that NEST don't allow partial transfers. I understand that they want to run their schemes on a less risky basis but I really don't think they should be able to hold your money to ransom. It's part of the reason we chose Aviva for our workplace pension provider. While some hassle I can partially transfer out money to my SIPP periodically which has lower fees and wider more aggressive investment choices and still benefit from employer contributions via continued participation.
Hi Tom, thank you for your comment and for supporting the channel. For many providers we work with it is possible for a partial transfer and to still benefit from employer contributions. The Government is working on a pensions dashboard to everyone can track their pensions and values and make transfers easier. There are enough barriers as it is to put people off from saving for their retirement, not least the recent changes in the Budget. Well doen for taking such an active in your retirement plan - bravo indeed :-) Please keep watching as the next video out this weekend is about protecting your home and inheritance against care fees costs. And subscribe :-)
@@Simonmoneymatters I applaud the Government's efforts to simplify things and the dashboard makes sense. I like their pension tracking service for example.
I do think though that they should enact into legislation some of the trickier T&Cs that pension providers have. As well as the aforementioned discretion by provider with regards to partial transfers, I also have problems for example with different beneficiary options different providers have. Some will only allow a cash transfer out which of course with the new budget means a hefty IHT bill for the beneficiary. A different provider might allow you to transfer and keep inside a pension wrapper. If this was all mandated to be standard then it would help demystify the opaque soup of the financial & tax system and help achieve your aim of financial wisdom for all.
Still, in the absence of that then keep up the good work to help us all - already a subscriber and looking forward to the next video :)
Can someone please explain why my nest pension has hardly moved in last 2 months, I'm losing money I can't afford