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Should I Transfer?
somethingtypical
Posts: 32 Forumite
I have two pensions:
Legal & General - Nothing really in it, but is portable and I can still make monthly contributions.
Total Pension (Defined Contribution) - Almost £4000, built up over 2 years with Clydesdale Bank, I now have the option to transfer it or leave it as it is.
I'm 6 months into a 3 year merchant navy training programme which provides with me a very low salary but still allows me to get by. I'm guaranteed a job at the end and hopefully one with a company pension.
So, my question is, should I transfer my Total Pension into my L&G and take a hit with the transfer penalty or leave things as they are? L&G suggest I speak to an IFA but considering the low sums involved I don't see it being worthwhile.
Any advice appreciated.
Legal & General - Nothing really in it, but is portable and I can still make monthly contributions.
Total Pension (Defined Contribution) - Almost £4000, built up over 2 years with Clydesdale Bank, I now have the option to transfer it or leave it as it is.
I'm 6 months into a 3 year merchant navy training programme which provides with me a very low salary but still allows me to get by. I'm guaranteed a job at the end and hopefully one with a company pension.
So, my question is, should I transfer my Total Pension into my L&G and take a hit with the transfer penalty or leave things as they are? L&G suggest I speak to an IFA but considering the low sums involved I don't see it being worthwhile.
Any advice appreciated.
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