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I am considering a job change and want to know what would happen to my pension fund savings when I switch. Can I withdraw my pension savings when I leave my employer?
Hi there,
When you leave an employer, you must ask that employer's pension fund to transfer your 2a pension fund assets to your new employer's pension fund. If you become unemployed, you must open one or more vested benefits accounts and ask your former employer's pension fund to transfer your assets to those accounts. The assets remain in your vested benefits accounts until you become employed again, at which time you must transfer them to your new employer's pension fund.
If you become fully self-employed, you can withdraw your pension funds assets because you are no longer subject to compulsory occupational pension fund savings. In that case, you could place your withdrawn 2a assets in one or more 3a savings accounts. You may also choose to join a voluntary occupational pension fund (2b) and transfer your 2a savings to that fund.
Best regards from Moneyguru
More on this topic:
Vested benefits account comparison
3a retirement savings account comparison
