Company pension provider changed

handsy

Hi, my company has changed pension provider. I have joined the new scheme, and have the option to transfer my old scheme's fund in to the new one.
Should I do this? What should I think about to make that decision?

Many thanks
Mark

dunstonh

Should I do this?

Impossible to say without the facts and figure with both schemes.

What should I think about to make that decision?

A comparison and analysis of both schemes. That may be quite simple or quite complicated depending on the types and terms of the schemes.

handsy

Are there any details that I could provide on here that would assist people advising? What are the important facts you'd need to know about each scheme?

dunstonh

First thing, before we decide if its something that can be done simply or not is to know what the two types of schemes are.

Are they money purchase (defined contribution) or final salary (defined benefit) schemes?

handsy

dunstonh wrote: »

First thing, before we decide if its something that can be done simply or not is to know what the two types of schemes are.

Are they money purchase (defined contribution) or final salary (defined benefit) schemes?

They are both money purchase (employer contributed) schemes. The new one employs a salary sacrifice feature which I'm taking advantage of.

dunstonh

Both being money purchase makes things a lot easier.

How do the charges compare on the old scheme to the new one? How do the investment options compare?

handsy

Hi, just to let you know that I decided to transfer in the end. I had some discussions with a few people, and am happy with my decision.
Many thanks for your responses :-)

P.S. I'll have another question on here soon about my wife's Stakeholder pension!