Company pensions

What happens if I move to another company?
If you have worked for the company for less than two years, you will get back what you paid into the scheme, less tax as a lump sum. If you have worked for the company for more than two years, you have two options:

1. You can leave your pension fund with your last employer and they will pay you a reduced pension when you retire. With a final salary scheme this will be based on the number of years you've worked for the company and your salary when you left. With a money purchase pension your money will continue to be invested.

2. You can take an amount - known as a transfer value - and pay it into your next employer's pension scheme or a stakeholder pension.

Pension transfers are complex and you should seek advice before taking any action. Investment advisers offering advice on transfers must have a specialist qualification. Speak to an Independent Financial Adviser or a Pensions Specialist. Look in the Yellow Pages (www.yell.co.uk) for details of your local ones. Or visit www.unbiased.co.uk

Where do I find out more?
If you have any questions you can contact the pension scheme trustees or the company running the pension (in the case of a Stakeholder or Personal Pension). Your company human resources department can provide you with the contact details.