Should i transfer pension to final salary scheme

andreaandrea

Hi

I dont have much knowledge of pensions and have been trying to find out what my best options will be online but i am really struggling.

I worked for a private company and about 8 years paying into a private pension. I have since started working for the local council and have 12 months to decide if i should transfer my private pension to my final salary scheme

What do i need to consider?

Linton

The council will be able to give you a quote for the number of years you would get on retirement if you transferred your pension. Then its a matter of comparing that with the pension you could hope to get if you keep your private pension invested. If you gave us the figures when you get your quote people will be able to comment.

There may be reasons for keeping a private pension even if from the crude financial figures transferring would be worth more. For example if you wanted to retire early keeping the private pension would provide more flexibility.

hyubh

andreaandrea wrote: »

What do i need to consider?

What Linton said... Before anything, you need to complete the LGPS administrator's form for investigating a transfer in. As the transfer won't be from another LGPS fund, it will necessarily be a two-stage process - first you'll recieve a quote for the amount of LGPS membership the transfer will buy you, then you'll have a month or so to proceed on the basis of that quote.