Pension transfer question
Discussion
My workplace has recently set us all up with the workplace pension. We pay in and they pay in each month etc.
I've an old pension from a job I was in years ago that was only worth about £40 so decided to transfer it into this new pension. I've just logged on to check my pension account and from what I can tell it looks like the money was transferred a couple of days ago but it looks as if they've taken the normal amount off my salary to combine it with. Does this mean that i'll have two pension deductions from this months salary ie the first for the amount I transferred from my old pension and second as my regular deduction for this new pension if that makes sense?
I've an old pension from a job I was in years ago that was only worth about £40 so decided to transfer it into this new pension. I've just logged on to check my pension account and from what I can tell it looks like the money was transferred a couple of days ago but it looks as if they've taken the normal amount off my salary to combine it with. Does this mean that i'll have two pension deductions from this months salary ie the first for the amount I transferred from my old pension and second as my regular deduction for this new pension if that makes sense?
Not sure I understand but the amount you've transferred from your old pension has nothing to do with your current contributions, salary or PAYE.
Whatever your normal contributions are will remain and the transfer should show as a separate transaction.
This can take quite a long time depending on the administrators so it's likely you could see the transfer out well before the transfer in.
Whatever your normal contributions are will remain and the transfer should show as a separate transaction.
This can take quite a long time depending on the administrators so it's likely you could see the transfer out well before the transfer in.
Gassing Station | Finance | Top of Page | What's New | My Stuff