Your now:pensions savings are yours for life. Even if your workplace becomes insolvent – which means it will stop using now:pensions – your pension savings belong to you. And you can choose what you want to do with them.
If your workplace becomes insolvent
We’ll work with them to make sure payments to your now:pensions account are as up to date as possible. We’ll tell you when we’ve done this.
You’ll still stay a member of now:pensions. The money in your now:pensions account belongs to you. You’ll continue to have full access to your now:pensions account and you can go on using now:u to manage it.
We’ll look after your now:pensions savings until you:
- start taking them as retirement income, or
- transfer them out to another pension.
Transferring your savings out of now:pensions (or other pensions in)
If your workplace stops using now:pensions, you can’t pay in to your now:pensions account. But, charges are still coming out of your now:pensions savings. This could reduce their value over time.
You could think about transferring your savings out of now:pensions to another pension. For example, if you’ve gone to work somewhere else and been enrolled into a new workplace pension, you could move your savings to your new pension.
Find out more about transferring your savings out of now:pensions.
Or, if you’ve got other pensions, you could transfer them in to take advantage of now:pensions’ low charges. Find out more about transferring other pensions in to now:pensions.
If your new workplace uses now:pensions
If you’re re-enrolled into now:pensions by a new workplace, that’s great! We’ll connect your now:pensions accounts together so you can carry on building up pension savings in one place.
