What happens to my pension if I change jobs?

When an individual changes jobs, their pension does not simply disappear; it is usually retained and can be managed in several ways, depending on the specific circumstances. Scottish Widows, being a notable provider of pension services in the UK, typically allows employees to maintain their pension from a previous job, even if they move on to new employment. One option for someone changing jobs is to leave the pension with their previous employer. This may be beneficial if the scheme is performing well, as it continues to grow until the individual reaches retirement age. It is important to note, however, that there may be limitations on accessing these funds or making additional contributions. Another possible route is to transfer the pension to the new employer's pension scheme or to a personal pension plan. This can simplify management, consolidating multiple pensions into one. However, it is vital to consider the specific benefits and features of each scheme before making such decisions, as transferring might involve fees or losing certain benefits. Lastly, it is advisable to seek guidance on the best course of action regarding pension assets. Individuals can explore resources available on the Scottish Widows website for more details on their specific pension options and guidance on managing pensions effectively during job changes.