{"id":4516,"date":"2024-09-25T11:00:15","date_gmt":"2024-09-25T10:00:15","guid":{"rendered":"https:\/\/joblookup.com\/explore\/?p=4516"},"modified":"2024-09-25T11:11:56","modified_gmt":"2024-09-25T10:11:56","slug":"what-happens-to-your-work-pension-and-benefits-if-you-move-to-a-new-employer","status":"publish","type":"post","link":"https:\/\/joblookup.com\/explore\/what-happens-to-your-work-pension-and-benefits-if-you-move-to-a-new-employer\/","title":{"rendered":"What Happens To Your Work Pension And Benefits If You Move To A New Employer?"},"content":{"rendered":"<div class=\"row mb-3\">\n<div class=\"col-lg-8 my-auto\">\nLanding a job with a new employer can be an exciting prospect. There are fresh career opportunities to embrace, new business relationships to forge, and the chance for improved job satisfaction. But all of that enthusiasm can be spoiled by the worries of what will happen to your workplace pension and benefits when you make that move. Will they come to an end? Can you carry them over? Will your new employer offer improved benefits, or will you be worse off?<\/p>\n<p>Let\u2019s have a look at how moving jobs to a new company can affect your work pension and benefits.<\/p><\/div>\n<div class=\"col-lg-4 text-center my-auto\">\n<img decoding=\"async\" src=\"\/explore\/wp-content\/uploads\/2024\/09\/IMG_20240924_192518_732.jpg\" alt=\"What Happens To Your Work Pension And Benefits If You Move To A New Employer?\" class=\"img-fluid\" \/>\n<\/div>\n<\/div>\n<h2 class=\"h3 font-weight-bold\">How Does An External Job Move Affect Your Workplace Pension?<\/h2>\n<hr>\n<p>Most employees will be enrolled, either automatically or voluntarily, into a <a href=\"https:\/\/www.gov.uk\/workplace-pensions\" target=\"_blank\" rel=\"noopener\">workplace pension<\/a>. This means that you pay part of your salary into that pension, and your employer also contributes. It\u2019s important to understand that your workplace pension belongs to you, not your employer or the pension provider. <\/p>\n<p>Should you move to a different employer, you have several options:<\/p>\n<ul>\n<li class=\"mb-2\">You can put the existing workplace pension plan on hold and not pay into it. The pension plan will continue to be managed by the pension provider and you\u2019ll receive this pension when you retire.<\/li>\n<li class=\"mb-2\">You can continue to contribute to the existing pension plan and not enter your new employer\u2019s workplace pension plan.<\/li>\n<li class=\"mb-2\">You can continue to contribute to the existing pension plan and also enter your new employer\u2019s workplace pension plan.<\/li>\n<li>You can combine the existing and new pension plans.<\/li>\n<\/ul>\n<p>Your choice will depend on which option offers you the greatest benefit and what is offered by your old and new employers.<\/p>\n<p>&nbsp;<\/p>\n<h2 class=\"h3 font-weight-bold\">How Does An External Job Move Affect Your Other Work Benefits?<\/h2>\n<hr>\n<p>If you move to a new employer, how does it affect your other work benefits, like parental leave or paid holiday provision?<\/p>\n<h3 class=\"h5 mt-4 font-weight-bold\"><i class=\"fas fa-square\">&nbsp;<\/i> Mandatory Work Benefits<\/h3>\n<p>Mandatory work benefits are those that an employer must provide. Each of these benefits has statutory minimums and conditions. In the UK, mandatory work benefits include:<\/p>\n<ul>\n<li>paid holiday entitlement<\/li>\n<li>parental leave and pay, whether maternity, paternity, or adoption<\/li>\n<li>sick leave and pay<\/li>\n<\/ul>\n<p>Let\u2019s look at how a move to a new employer will affect each of the above benefits.<\/p>\n<p><b>Paid Holiday Entitlement<\/b><br \/>\nYou may be asked to take any outstanding holidays during your notice period. Alternatively, if you haven\u2019t taken all of your accrued holiday by the time you leave your old job, your employer will generally include payment for those days in your final pay. If you\u2019ve taken more holidays than you\u2019re entitled to by the time you leave, your employer isn\u2019t allowed to deduct the equivalent from your final pay unless you have agreed to this in writing.<\/p>\n<p>When you move to a new employer, you will generally accrue paid holiday from day one of your new job.<\/p>\n<p><b>Parental Leave and Pay<\/b><br \/>\nThis includes maternity leave, paternity leave, and adoption leave. This benefit is a day-one right, but you must have worked for your employer for at least 26 consecutive weeks before you can claim.<\/p>\n<p>When you move to a new employer, you take this right with you. <\/p>\n<p><b>Sick Leave and Pay<\/b><br \/>\nStatutory sick pay (SSP) can be paid to employees for up to 28 weeks per period of sickness. If you have already claimed SSP for 28 weeks from your old employer, you won\u2019t immediately be eligible to claim more SSP from your new employer. Instead, you must work a linking period of at least 8 weeks and not be ill during that time. After this period, you may be able to claim SSP from your new employer if you become ill and meet the eligibility criteria. <\/p>\n<p>The <a href=\"https:\/\/www.gov.uk\/statutory-sick-pay\" target=\"_blank\" rel=\"noopener\">SSP situation<\/a> is a complicated one and it\u2019s worthwhile checking with the gov.uk website for the latest information.<\/p>\n<h3 class=\"h5 mt-4 font-weight-bold\"><i class=\"fas fa-square\">&nbsp;<\/i> Non Mandatory Work Benefits<\/h3>\n<p>Non mandatory work benefits are those that an employer isn\u2019t legally obliged to provide. These include:<\/p>\n<ul>\n<li>health and life insurance<\/li>\n<li>gym membership<\/li>\n<li>employee share scheme<\/li>\n<li>company car<\/li>\n<li>childcare vouchers<\/li>\n<\/ul>\n<p>When you leave your old employer, these benefits will generally come to an end. However, it\u2019s important that you check your employment contract and staff handbook to find out for sure. Your new employer may offer the same range of benefits or different perks. Check your new employment contract and starter information to find out. <\/p>\n<p>&nbsp;<\/p>\n<h2 class=\"h3 font-weight-bold\">What Happens To Your Pension And Work Benefits If You Transfer To A New Employer?<\/h2>\n<hr>\n<p>If you transfer to a new employer (TUPE), for instance, your employer is bought out by another company, your employment contract will continue with your new employer. Generally, this will include the benefits stated in your employment contract.<\/p>\n<p>Workplace pension contributions made before the transfer are protected. However, the new employer doesn\u2019t have to offer you the exact same pension plan. <\/p>\n<p>For more information, read <a href=\"https:\/\/www.acas.org.uk\/employee-rights-during-a-tupe-transfer\/transferring-to-your-new-employer\" target=\"_blank\" rel=\"noopener\">Transferring to a new employer<\/a> on the Acas website.<\/p>\n<p>&nbsp;<\/p>\n<h2 class=\"h3 font-weight-bold\">Wrapping it up<\/h2>\n<hr>\n<p>While the decision to find a new job is often about the tasks and responsibilities involved, the range of work benefits that come with the role may be a deciding factor too. The key to handling your work pension and benefits when you move to a new employer is knowing exactly what will happen to each:<\/p>\n<ul>\n<li>Will it come to an end?<\/li>\n<li>Can it be transferred?<\/li>\n<li>Will it start all over again?<\/li>\n<li>Will it affect the future availability of this benefit?<\/li>\n<\/ul>\n<p>Do the research. Don\u2019t be afraid to ask questions and <a href=\"\/explore\/a-jobseekers-guide-to-negotiating-working-conditions\/\">negotiate<\/a>. Make sure everything is wrapped up and prepared for the next step on your career path.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Landing a job with a new employer can be an exciting prospect. There are fresh career opportunities to embrace, new business relationships to forge, and &#8230;<\/p>\n","protected":false},"author":3,"featured_media":4519,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[16,7],"tags":[],"class_list":["post-4516","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-careers","category-jobseekers"],"acf":[],"_links":{"self":[{"href":"https:\/\/joblookup.com\/explore\/wp-json\/wp\/v2\/posts\/4516","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/joblookup.com\/explore\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/joblookup.com\/explore\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/joblookup.com\/explore\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/joblookup.com\/explore\/wp-json\/wp\/v2\/comments?post=4516"}],"version-history":[{"count":3,"href":"https:\/\/joblookup.com\/explore\/wp-json\/wp\/v2\/posts\/4516\/revisions"}],"predecessor-version":[{"id":4521,"href":"https:\/\/joblookup.com\/explore\/wp-json\/wp\/v2\/posts\/4516\/revisions\/4521"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/joblookup.com\/explore\/wp-json\/wp\/v2\/media\/4519"}],"wp:attachment":[{"href":"https:\/\/joblookup.com\/explore\/wp-json\/wp\/v2\/media?parent=4516"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/joblookup.com\/explore\/wp-json\/wp\/v2\/categories?post=4516"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/joblookup.com\/explore\/wp-json\/wp\/v2\/tags?post=4516"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}