Changing Jobs? Taking Control of Your Pension Pots

Changing Jobs? Taking Control of Your Pension Pots

It's common to change jobs multiple times. Each time you leave an employer where you had a workplace pension, you have to decide what to do with the funds you've built up.

You're Leaving Your Job. What Are Your Options?

You have three main choices for the pension pot you've accumulated with your former employer:

1. Leave It Behind: You can leave your pension benefits in your former employer's scheme, where they will remain invested until you retire. The challenge here is that over a long career, you could end up with several small, scattered pension pots, making them difficult to track and manage effectively come retirement.

2. Transfer to Your New Job: If your new employer offers a pension scheme, you can often transfer your old pension funds into the new one.

3. Take It With You: You can transfer your benefits into a special type of personal pension that you own and control, called a Personal Retirement Bond (also known as a Buy Out Bond).
   

The Advantages of a Personal Retirement Bond (Buy Out Bond)

For many people, pensions from old jobs become 'lost' digital paperwork, forgotten and unmanaged. A Personal Retirement Bond acts as your personal pension library, gathering all those scattered stories into one, easy-to-manage volume that you control completely. This option offers several powerful advantages that give you more command over your financial future.

• Greater Control: You own and control the bond. This means you choose how the money is invested from a wide range of funds, rather than being limited to the options in a former employer's scheme.

• Increased Flexibility: You can transfer the funds from one Buy Out Bond to another, giving you more freedom.

• Easy Consolidation: A Buy Out Bond can become a central 'hub' for all the pension benefits you have built up over the years at different jobs, allowing you to harmonise your retirement and investment strategies This makes your retirement savings much easier to track and manage.

• Simplified Retirement: When it's time to retire, it is far simpler to manage your bonds than it is to contact multiple former employers to access different pension schemes from your past.

Deciding on the best path for your pension requires careful thought, but you don't have to make these decisions alone.

Why Getting Expert Financial Advice is a Game-Changer

Navigating the world of pensions and investments can be complex, and making the right choices can have a huge impact on your future. This is where professional advice becomes invaluable.