transfering pension to a workplace pension

mercedes125

Just need a bit of advice for hubby hes just joined the workplace pension hes got 20yrs before retirememt
He has two other pensions which he paid into in previous employment but has not for a few years.
These are
A compensation pension
A defined pension
Would you advise to leave these as they are or see about transfering them into the new pension scheme. Thankyou

dunstonh

If the new scheme is better than the old ones then consider moving them. if not, then leave them where they are or consider other plans.

mercedes125

:money:

dunstonh wrote: »

If the new scheme is better than the old ones then consider moving them. if not, then leave them where they are or consider other plans.

Thankyou what other plans would there be , not sure how we will know if it is a better pension lol.

dunstonh

what other plans would there be

Modern personal pensions, stakeholder pensions and SIPPs (probably not the last one).

not sure how we will know if it is a better pension lol.

And that is usually the sticking point as you either need to work this out for yourself or get an IFA to do it for you. There are thousands of different types of plans and each can be set up on different terms. You cant give a one-size-fits-all answer as it will depend on so much. Each one would need to be analysed for what it is.

xylophone

A compensation pension

One of these http://www.pensionprotectionfund.org.uk/Pages/compensation.aspx ?

A defined pension

Do you mean defined benefit or defined contribution?
What kind of scheme is he in now (DB/DC)?

mercedes125

xylophone wrote: »

One of these http://www.pensionprotectionfund.org.uk/Pages/compensation.aspx ?
Do you mean defined benefit or defined contribution?
What kind of scheme is he in now (DB/DC)?

Its defined contribution ,I will have to check on the new pension

mercedes125

mercedes125 wrote: »

Its defined contribution ,I will have to check on the new pension

The new pension is a stakeholder.