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I don't change jobs often, I've got a pension from 15 years with a former employer and then another from my current employer basically.
I've had a letter today from my previous provider advising me they are selling up / transferring their Direct Contribution business, and as it happens, to my current scheme provider. In essence all my eggs will be in one basket.
How does this affect me in terms of security, etc., and do i have any rights to ask for it to be transferred elsewhere if that's going to be an issue?
Pensions are generally pretty safe these days.
Final salary / defined benefit schemes are underwritten by the Pension Protection Fund and you generally get 90% back if it goes tits up.
Direct Contribution scheme are pretty low risk as they have bought underlying assets (shares) with your money, which you still own if they go bust.
However, no harm in diversifying to minimise risk, you can pretty much transfer money between any DC scheme as often as you like. Just fill in a transfer form with the new company and they sort it all for you. You can transfer all or part etc.
Can I thread hijack and ask if there is a time window in which you can move DC between schemes? @p20 has got some money stuck in an old pension from a previous job he left 15 years ago, after some poor advice.
No, you can move your money whenever you like with DC schemes. All they've done is buy some shares with your money and cream off a generous percentage for not managing it. Stick it in a tracker fund with Vanguard (0.15% pa platform fee and < 0.1% fund fees) and you'll probably save several % in mgmt / platform fees, which adds up to a hell of a lot over 30 years.
The transfer process is quite simple, open a SIPP with the new platform and fill in a transfer form with the details of the existing DC fund. They then arrange the transfer direct between funds. The existing fund sells all your shares and transfers the money to the new SIPP. You then instruct the new SIPP with which funds you wish to invest in.
It's often better to place all your eggs in one basket to minimise admin costs.
Thanks footflaps, will have a look.