What happens to my retirement annuity when I resign?

Good news – your retirement annuity (RA) is completely separate from your employer and remains safely invested when you change jobs. It's one less thing to worry about during your career transition.

Your RA Stays Put

Unlike your employer's pension fund, your RA is registered in your personal name. Think of it as your own retirement savings account that moves with you throughout your career. When you resign, nothing changes with your RA – your investment continues growing, and all its benefits remain intact.

Managing Your Contributions

After resignation, you have complete flexibility with your RA contributions. If you're moving to a new job with a good salary, you might even consider increasing your contributions to boost your retirement savings. If money is tight during your transition, you can:

• Temporarily pause your contributions by making your RA "paid-up" (though your existing investment keeps growing)
• Adjust your contribution amount to better suit your new circumstances
• From 1 September 2024, access a portion of your savings through the two-pot system for emergencies

Looking Ahead

Remember that your RA is designed to support you in retirement, so you can only access the full benefits from age 55 onwards. This rule applies regardless of your employment status, protecting your long-term financial security.

Considering Your Options

If you're thinking about transferring your RA to another provider, take time to evaluate your choices carefully. Consider factors like investment performance, fees, and service quality. Our investment consultants can help you understand how different providers compare, ensuring you make an informed decision.