If you transferred out of the BSPS you might now have a pot of money in another pension that you’re responsible for managing. It might be difficult for you to decide what to do with the money if you don’t understand how your new pension works, has layers of charges or has many of investment options or even unsuitable ones.
If you’re unhappy with an aspect of your new pension, you can:
- check all charges that you’re paying and the cost of leaving the scheme;
- look at your options for transferring — for example, to a workplace scheme (Tata Steel or current employer) or another personal pension.
If you decide to stay in your new pension, you can look at the investment options and consider if the investments you’re in are right for you or if you can switch to others.