When you start work, you enter into a contract with your employer. This will include arrangements relating to your pension. If your employer has chosen BeFrank, you will receive a welcome letter by email within five days of us being notified of your start of service. We will also send you a password. The welcome letter also includes your pension account number. These details are needed to log into your personal pension page.
If you change jobs, you can transfer your pension savings with your former employer to your new employer. This is known as a value transfer. This allows you to keep all your pension savings in one place. However, it is not always wise to do this. Always speak to a financial adviser or pension specialist first to discuss the options. You can request a value transfer from your personal pension page.
If you opt to transfer the value of your pension, you must make the transfer request to your new employer. It is important to do so within six months of taking up your new employment.