16 Oct 2018

How Many Pensions Can I Have?

How Many Pensions Can I Have?

The subject of pensions is a complex one and among the most debated whether you can have more one. The simple answer is yes, more there is far more to it than that.

All employers are now required to provide a pension scheme for employers, otherwise known as an occupational pension. This can be either a defined benefit or defined contribution scheme and in recent years in particular individuals have tended to move between companies more frequently. The result is that employees can accumulate a number of schemes.

The main rule in relation to occupational pensions, is that you can only be contributing to one scheme at any one time. If you have more than one occupational pension, i.e. if you have moved between jobs, that’s likely to be the one run by the company you’re currently working for. However, the others which you’ve contributed to previously will still be operating and invested but they must be dormant. That is to say, you are not making any contributions to them.

In some cases, you may be able transfer the pension from one company to another but this will be dependent on the companies themselves.

You are also allowed to have as many personal pensions as you like although your payments must not exceed your tax break limits.

You can also have as many Stakeholder Pensions as you like, but you must stay with the maximum contribution of £3600 of your gross earnings for all them combined.

As has already been mentioned, pensions can be a complex matter and it’s always best to seek independent financial advice to ensure you can make the most of the opportunities on offer.

Please correct the errors below before submitting your request:

Get in touch

Our dedicated client contact team prefer to receive enquiries through our contact form. We'll endeavour to get back to you within 24 hours or during the course of the next working day.

Tick this box if you wish to receive news and offers from Aberdein Considine. By doing, you indicate your consent to receiving targeted email marketing messages from us. On each occasion that we contact you in the future, you will be given the option to opt-out from receiving such messages. You may also email marketing@acandco.com at any time to opt-out.

The personal information that you provide to us in this form will only ever be used by Aberdein Considine (as the Data Controller) for the following specifically defined purposes:

  • email you content that you have requested from us
  • with your consent, occasionally email you with targeted information regarding our service offerings
  • continually honour any opt-out request you submit in the future
  • comply with any of our legal and/or regulatory obligations