Existing Private Pension - New Company

southwales2007

Hi.

I'm a little uninformed when it comes to pensions. I started paying into a private pension with Co-op about ten years ago as my company didn't offer one.

I've now joined a new company who offer a pension with Scottish Widows which they'd contribute towards.

I can't afford to pay into two schemes and want the best in the long run.

My friend says I should freeze my private pension and join the company one.

Is it that simple? What's the best option for the long term?

xylophone

Have you looked into the possibility of transferring your private pension into the company scheme- (assuming that there are no special features to the Co-op scheme that would make this disadvantageous to you?)

Otherwise, as your company is contributing , it would be a good idea to join this scheme and cease contributing to the private pension?

mania112

If your company will contribute too (which they will have to sooner or late under new laws) it's best to stick it in that one - the employer will likely only contribute if you do too.