No. If you leave your employer or stop contributing to your pension, you can transfer your pension savings out to another pension provider. We won’t charge you to transfer your pension savings out.
However, it’s possible the pension provider you’re transferring to will make a charge. You should check this.
If you’re leaving a small amount of savings in the Scheme – only a few hundred pounds, for example – it may be sensible to transfer your savings out, because the charges will continue to apply. If you don’t move your money, the charges could mean that your pension savings get smaller over time, as the total charges each year could be higher than the investment returns on your pension savings.
Costs and charges explained
The amount you pay for your pension matters a lot over a lifetime of saving. To help you understand pension charges, we’ve provided examples of how pension savings can be affected by the compound effects of costs and charges in our costs and charges leaflet. You can download a copy here.