When you want to make changes to your pension, it’s important to make sure that your provider is clear what you want to do. And that they’ll be able to do what you ask within a reasonable time.
For example, if you want to change your investments, you’ll probably need to be clear about the name of the investment fund you want to use. Your provider will be able to give you a list of the funds you can put your money in with them.
You’ll need to be clear about whether you want to move money that’s already invested in your pot into the new fund – or just your future payments into the pot.
Or, if you’re merging different pots into one – it’s important to tell your pension companies about any deadlines they need to meet.
Always make sure that you follow up with your pension provider to make sure that they’re doing what you need them to do. It’s a good idea to get them to confirm when they’ve completed the task. Your financial adviser, if you’re using one, can help you with this.