Transfer private pension to public?

Sideways

My wife has two pensions, a local authority pension via her employer and a small private pension. She pays around £60 a month into the private pension and has built up a value of around £10k over the years.

Because she pays admin fees and charges on the private pension we were wondering if she should close that policy down and transfer the value into her LA pension.

I can see one downside to this, putting all your eggs in basket. However would she benefit from not having to pay two sets of admin fees and charges?

I’m guessing there are pitfalls to watch out for, hence my asking the question here. Any advice is very much appreciated.

CLAPTON

she doesn't pay any admin fees or charges fior the local authority pension; it's a benefit benefit scheme which is unaffected by fees

do the LGPS allow transfer in; if so then get a quote and see that the 10k buys

jem16

Sideways wrote: »

I can see one downside to this, putting all your eggs in basket.

From that point of view the LGPS is the best basket to be in as there is no investment risk as it's a final salary scheme.

However would she benefit from not having to pay two sets of admin fees and charges?

As Clapton says, the LGPS is a defined benefit scheme ( final salary) and carries no admin feees or charges. It's based on the number of years service and your final salary as opposed to an unknown investment return.

I’m guessing there are pitfalls to watch out for, hence my asking the question here. Any advice is very much appreciated.

The main pitfall is that any transfer has to be done within 12 months of joining the LGPS normally.

http://www.lgps.org.uk/lge/core/page.do?pageId=102347