I'm about to change my job. What will happen to my pension?

Few people work for one employer and stay a member of a single pension scheme all their lives until they retire. It's common for people to build up a patchwork of pensions - perhaps some occupational salary related pension from some jobs and personal or stakeholder pensions, perhaps when working for an employer who did not provide an occupational pension scheme - before they retire.

Early leavers in salary related schemes will generally face one of three options:

• if you have worked for less than two years you will probably just get your contributions back less tax
• if you work longer than two years you can either leave your pension with your old employer and draw a deferred pension when you retire, or
• transfer your pension fund to your new employer's fund or a personal pension.

Money purchase schemes are simpler to deal with, as you have your individual pension pot within the scheme and it is relatively straightforward to see the effects and benefits of moving it or keeping it where it is.

Deciding what to do when leaving a salary related pension is very complicated area, particularly if you are deciding whether to transfer your pension fund to a new employer. You will need specialist advice.

There's more about deferred pensions on the OPAS website.