Should I transfer my old pension to my new one?

Weeleesie

I've just taken up a staff position at my job, and am going through all the bumf that comes along with it about pensions, flexible benefits etc. I'd like to move my old pension into this new one just to keep everything together, but I've read that you can end up having penalties or losing out in some way if you do that. I only had about £2k in this previous one, so is it worth the risk? I'm just worried that if I change jobs and end up with pensions in each one then i'll end up forgetting about some of this cash altogether!

ps, i'm new so be gentle!

McKneff

ah, bless, and welcome to the boards.:wave:

Have you asked the old company if it will cost anything to transfer it over.

Didnt want to read and run but Dunstonh or Jem etc will be along to help, they will advise you far better than I can.

atush

First of all, there is no problem with having old pensions in defferent places as long as you keep getting statments (and tell them if you move). Just put them all in a binder (we have 4 lol as well as 'state' pensions in 3 different countries).

Then find out from your old provider what copst will be to transfer out, and ask your new one what the cost is to transfer in. Look also at the annual fees/charges and the funds available in each- you may find the old one is cheaper to run and had better performance etc so you might want to leave it where it is? We can't tell you as only you can get this info and then make a decision based on it.