2 Pensions...can I transfer funds?

waspinagermanhelmet

I had a personal pension (Prudential - was Scotish Mutual) arranged and paid into by a previous employer for a year or 2 and I now have another one from my current employer - ( A Standard Life one) I was wondering whether I could transfer the money from my Prudential one into my Standard life one? and whether this was actually worthwhile?

Any thoughts.. advice etc?

dunstonh

I was wondering whether I could transfer the money from my Prudential one into my Standard life one?

Yes you can.

and whether this was actually worthwhile?

Maybe. Maybe not. It depends on the charges and benefits offered on the existing plan compared with the alternative.

A transfer analysis is the best way to tell. The IFA handling the group personal pension offered by your current employer will do it. Any other IFA could do it but would almost certainly charge as there is no commission payable on a transfer like that (apart from the payment to the IFA that set the group scheme up - which is why you should use him/her).

Also, being a group scheme member, the amount of paperwork required by the IFA handling the scheme would be less. I'm not sure whether Standard Life would accept the request direct from you on group schemes (some providers will, some will not).