Should I transfer my old company pension scheme?

I have an old pension with a former employer – should I consider transferring it to my new pension?

Question asked by Jayne Cross
Are You Pension Happy?
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I know how much my pension is worth
I know how much my pension costs
I have clear financial goals for my retirement

Answered by Neil Adams

That depends on what kind of pension scheme you have, and where you are planning on transferring it to.

If you have a final salary, or defined benefit pension scheme, then you risk giving up valuable guaranteed pension benefits if you’re planning on transferring it to a defined contribution scheme.

For Pension Funds over £30,000

If the value of your benefits is over £30,000, then you must seek advice from a financial adviser on whether transferring is in your best interests. An adviser will also be able to tell you if the transfer value you’ve been offered is fair.

If you’re planning on transferring from a defined contribution scheme to another defined contribution scheme, ask your scheme provider for a transfer value, and ask whether there will be any charges to switch. Remember than once you’ve moved your pension across, you will lose any rights you have under the old scheme.

Best to speak to a financial advisor

If you’re considering whether transferring your old pension is right for you, please contact us to speak with a specialist pension advisor. Your adviser will be able to request details of your current scheme and discuss with you the advantages and disadvantage of transferring that particular scheme.

final salary
 
pension transfer
 
defined benefit pension
 
This information does not constitute financial or other professional advice. You should consult your professional adviser or contact us directly on 02084327333 should you require financial advice. It is important to ensure any insurance policy you take out is suitable for your needs.
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