Should I transfer pension?

TheGnome_2

Hello,

I am not the greatest at understand pensions. I have tried honest!

I am 28. I have recently joined a job where it is a Local Government Pension by LPFA. They have written to me asking if I would like to transfer the value of my previous Civil Service Pension. My Civil Service Pension fund was running for 4 years and 96 days.

I have phoned the LPFA, a local IFA and my in-house HR team and no one can explain what I should do.

The letter from LPFA does not seem to make it clear whether the money is better off moved, or left in place. Do anyone have any experience or advice on this one? I don't know how long I will be in my current role for. Have thought of leaving but not sure yet.

Thanks you for any help.

dunstonh

I have phoned the LPFA, a local IFA and my in-house HR team and no one can explain what I should do.

Some of them cant give advice. So, cant tell you what to do. Those that can give you advice have a liability for the advice they give and wont give it off the cuff.

The only way to get the answer for sure is to pay for the advice using an IFA. Otherwise the best you will get is opinion and hints but nothing with consumer protection.

CLAPTON

does the transfer in buy 'extra' years or what?

jamesd

What are the benefits provided by the old pension? What are the benefits provided by the new pension? How many years in the new pension will the old pension buy you?

How much you get in the new pension is what will determine whether it's a good idea of not: whether you get enough in the new to cover what you lose in the old.