My pension if I leave
If you leave you will either be able to transfer your pension to another pension provider, opt for a refund, or leave your pension with us.
As long as you work for the NCIs for 30 days, we will keep your pension pot invested with us. You can leave your pot with us until you retire, transfer it to another pension provider, or die.
If you worked for the NCIs for less than 30 days, if you paid your own contributions, we will refund this back to you, less tax.
Can I carry on paying into my pension?
No, you can only pay into your pension while you are an active member. Once you leave, contributions stop.
Transferring my pension - what to know
You can transfer your pension to another pension provider at any point before you access your pension. This could be a new employers’ pension scheme, or you might want to consolidate your pensions.
Tthere is no time limit to transfer - you can transfer at any time before you retire.
You don't need financial advice to transfer your pension out.
If you move overseas, you might want to move your pension with you. You can do this by following the usual transfer procedure, but we need to do a few more checks than usual.
We also need to check you are moving your pension to a pension scheme on the Government's recognised pension scheme list. You can check the list here.
Should I transfer?
Think carefully before you transfer.
Other pension schemes may provide a different type of benefit, so it can be difficult to make a comparison. If you are in doubt whether a transfer is in your best interests, we strongly recommend that you take independent financial advice.
Here are a few things you should consider:
- Before you transfer, check your new pension provider’s Annual Management Charge. Higher fees mean more of your money is taken as charges.
- Will consolidating your pensions make it easier for you to keep track of where your pensions are, and how they are performing?
- If you want to move your money out of your new pension scheme, can you easily do this?
- What are your new investment choices, and if you would like to invest ethically, do they have an ethical option?
- Check what will happen to your pension if you die.
If you would like to transfer, head to PensionsOnline (just go to the handy link above to log in) and you can run your transfer value and download the forms you need to transfer.