Should I transfer my pension to present pension?

moneymanager

I have 4 other pensions from previous employments and now I have a 5th one with my present employment. Two of these pensions are with Standard Life, 1 with zurich, 1 with Norwich Union and the present one I am with is a Local Government Pension Scheme. Now I am not too up there with pensions but there is about 2 of the previous pensions not worth much (one I only paid twice to). The LGPS is now in the process of getting transfer details from all these schemes and now I don't know if it is worthwhile. I thought it was a good idea to have only 1 since I have so many little ones.

Zurch has offered £3380.69 transfer payment buying me 1 year and 93 days of membership for benefits in LGPS. Based on my current pensionable pay the transfer payment will purchase:A pension of £289.07 per year, a lump sum retiring allowance of £867.22 and a spouse's pension of £144.54 per year . According to my last statement from them my transfer value was £3700.85 and I could get £256 at 7% per year.

LGPS is offering a pension of £604.02 per year, lump sum retiring allowance of £1812.07 and £302.01 per year (2 years 227 days of membership) for the transfer payment of £7689.70 from my two Standard Life pensions.

They have given me anything for the Norwich Union one yet as they are waiting details from me. But NW is the smaller one with transfer value off £99.83.

I pay 6% into the LPGS and my employer pays 15%. I am thinking of going ahead transferring the Norwich Union and Zurich one. The last time I spoke to an advisor (at that time I was joining my third pension) he said it was not worth my while transferring.

Any help is appreciated.

dunstonh

The last time I spoke to an advisor (at that time I was joining my third pension) he said it was not worth my while transferring.

Was this an IFA or a tied agent of the insurer/bank?
Was a transfer analysis done or was it just an off the cuff opinion?
Do you plan to utilise phased retirement?
Do you plan to top up beyond the normal scheme?
How do the options compare to your selected retirement age?
Why are you looking to transfer the Zurich and NU but not the Std Life plans (Zurich is probably the cheapest for example)?

moneymanager

The Advisor was from Zurich pensions. I had the first Standard Life pension and the Norwich Union. I brought all my recent statements to him and he when through them all and just said it won't be worthwhile as there was so little in them. I don't know anything about pensions and I thought he said there would be a charge for transferring which would have been near the amount of the pensions together.

At this point I do not have the money to top up beyound my normal scheme as I currently pay 6% already. I am not sure what you mean about utilising phased retirement. The LGPS has calculated these amount based on retirement age 65, I know some of my previous pension are to 60. The only reason I was going to transfer Zurich and NU has these are the pensions I have contribute less to. I do not make payments to any of the pension schemes now.

dunstonh

The Advisor was from Zurich pensions.

A tied sales rep then. He is only authorised to discuss Zurich pensions and his principle (Zurich) do not allow him to recommend the encashment, surrender or transfer of Zurich products. That is quite normal for tied agents.

I brought all my recent statements to him and he when through them all and just said it won't be worthwhile as there was so little in them.

He is only allowed to discuss other company's products generically. Not specifically.

I don't know anything about pensions and I thought he said there would be a charge for transferring which would have been near the amount of the pensions together.

Most NU and std life plans have no charge. Zurich plans usually do.

moneymanager

Thank for your help.
I think I'll just go ahead and transfer.