Explain What Happens to a Pension When You Change Jobs

You changed jobs and there is a pension sitting in the old employer"s scheme. Most people do nothing. Some consolidate without checking what they are giving up. This explains what automatically happens when you leave, the three options for the old pension, when each makes sense, what to check before moving anything, and the most common mistake. Not financial advice; a clear explanation of a decision most people make badly.

Explain what happens to a workplace pension when someone leaves a job in the UK, and what their options are for the pension they leave behind.

Cover:
1. What happens to the pension pot automatically when employment ends
2. The three main options for an old workplace pension (leaving it where it is, transferring to the new employer"s scheme, or transferring to a personal pension/SIPP)
3. The situations where each option typically makes sense
4. What to check before making a decision: specifically, defined benefit vs defined contribution, any guaranteed annuity rates, and exit charges
5. The most common mistake people make with old workplace pensions

Use plain English throughout. Note this is educational and not regulated financial advice.