# Transfer of Employor-Sponsored Pension Plan



## thethebaxter (Jan 17, 2012)

I will be switching employment and will have an option of transferring my employer-sponsored pension plan from my current employer to my new one. If I were to do the transfer, the funds will go straight from my current plan to my future one and there will be no moneys paid to me. I’m just wondering if this transfer is reportable on 1040 and if there is any tax implication. 

I would appreciate hearing from someone who had done this before. Also, Bev, can you shed some lights on this? Much appreciated.


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## Bevdeforges (Nov 16, 2007)

Oddly enough, I'm doing just such a transaction on my taxes this year (not employer to employer, but employer plan to a personal IRA). If your old employer (or their pension fund) sends you a 1099 form showing the "payout" of the pension fund, then you should report it on your 1040 - but it's just a reporting issue. (I.e. you show the payout on line 16a Pensions and annuities, but for part b of the same line, the "taxable amount" you show is then 0 and you write on that line "rollover")

If the old employer doesn't send you a 1099, don't worry about it.
Cheers,
Bev


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## thethebaxter (Jan 17, 2012)

Bevdeforges said:


> Oddly enough, I'm doing just such a transaction on my taxes this year (not employer to employer, but employer plan to a personal IRA). If your old employer (or their pension fund) sends you a 1099 form showing the "payout" of the pension fund, then you should report it on your 1040 - but it's just a reporting issue. (I.e. you show the payout on line 16a Pensions and annuities, but for part b of the same line, the "taxable amount" you show is then 0 and you write on that line "rollover")
> 
> If the old employer doesn't send you a 1099, don't worry about it.
> Cheers,
> Bev




Thank you so very, very, much Bev.


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## benhunt (Mar 16, 2012)

It always makes sense to keep your pension with your employer, as there are tax benefits on contributions, which means there'll be more money in your pension pot.

Only transfer your pension to a private fund after you've left your employ.


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