About your pension
Managing your pension
Managing your pension
Moving a pension What happens if you leave BNP Paribas? What happens to my pension when I die?
Who manages your pension?
Overview
What happens if you leave BNP Paribas?
If you leave BNP Paribas your pension doesn’t need to leave with you. But don’t forget about it - find out what options you have.
If you leave your job, any contributions being paid into your workplace pension will stop. Your pension will remain invested until you’re ready to take your benefits (currently from age 55 onwards, and changing to age 57 from 2028). It will still be up to you to decide what you want to do with it in the meantime. You can continue to contribute to your pension with Fidelity; you may want to consider this option if your new job doesn’t come with a workplace pension, for example if you are freelance or self-employed or make an income through other means (such as property).
If you’re thinking of transferring your pension to another provider, there are some things you should consider:
- Remember, just because you’re leaving your employer, doesn’t mean you have to transfer out.
- Make sure there are no valuable benefits you may lose if you transfer.
- Compare the fees and charges of your new provider with those of your current pension.
- Ensure that your new provider doesn’t restrict some of your retirement options. Like the ability to take tax-free cash at age 55. This can be especially important if you’re retiring soon.
- If your pension contains certain benefits (usually a guaranteed income) you may need to take appropriate financial advice if you want to transfer out. We will inform you if this applies to you.
Leaving BNP Paribas
No. If you leave the company, you can no longer be an active member of the Plan and contributions to your account will stop.
If you have been in the Plan for more than 30 days, you can leave your account invested in the Plan until your listed retirement age – in the meantime, you can still make decisions about how your account is invested, just as if you were still making contributions.
If you are aged 55 or over when you leave BNP Paribas, you can start taking your retirement benefits. From 6 April 2028, you will need to be 57 or over to start taking your retirement benefits.
If you move to another country you can still take money from your BNP Paribas Pension or transfer it into an overseas pension plan as long as it meets certain criteria.
Please read the information here <LINK> for more on the options you have as a member of the BNP Paribas Pension.
Transferring out of the Plan
Not normally. However, if you are age 55 or over it is one of the retirement options open to you. Taking large cash sums out of your pension usually has tax implications so you should act with caution.
You can decide to transfer the pension into your new employer’s registered pension scheme (provided it will accept the transfer) or a private pension such as a Self-invested Personal Pension (SIPP).
The amount of transfer value on any given day is the same as the value of your account on that day and includes the value of both company and employee contributions (although you are able to make full or partial transfers out at any time, there is a limit of the number of transfers out you can take free of charge in any year).
You’ll need to ask your new pension provider to initiate the transfer.
Any transfer out of your account is free of charge. However, you may wish to check whether the plan or arrangement receiving the transfer will make a charge.
The transfer options available to you may be limited if you are not a UK resident at the time of the transfer or if you are looking to transfer the money from your account to an overseas arrangement.
Overseas transfers can be restricted or subject to penal taxation, depending on the UK rules on transferring to the specific country (and the specific pension scheme in that country) and the rules of acceptance in the country you wish to transfer to.