MILLIONS of savers could be losing up to £800 a year if they've notched up multiple pensions due to frequent job moves.
And millions of people could be overpaying given the latest Office for National Statistics show that 21.93million employees now have a workplace pension. Your minimum contribution applies to anything you earn over £6,136 up to a limit of £50,000 . This includes overtime and bonus payments. "This may be to move into your current employer's scheme, or asking it to pay into one from a previous employer.
What is the ‘transfer value’ of my pension? If it’s the same as your pot value, it’s unlikely you’ll be charged a fee when you transfer.Will I lose the right to take out my money at a certain age? This is called a ‘protected pension age’.Will I lose the right to take a tax-free lump sum of more than 25% of my pension? This is called a ‘protected tax-free sum’.Are there any fees for transferring in, e.g.
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