Transferring pension?

ness_w

I am a part time teacher with a pension. I also have an old pension plan worth £9,000.

Is it possible for me to transfer this into my pension with the TPA?

xylophone

https://www.teacherspensions.co.uk/public/resources/~/media/Files/Documents/Forms/Transferinv10.ashx
Eligibility
"If you want to transfer benefits from a previous pension scheme
into the Teachers’ Pension Scheme you must submit your
application within 12 months of entering pensionable teaching
service. However, if your previous pension provider was the
Teachers’ Pension Scheme in Scotland or Northern Ireland,
the transfer can take place at any time."

ness_w

Ah. Seems I am stuck with the old pension then. Since I am not paying in and they're charging me a fee it's not getting any bigger at all. It was a taken out in the 80s as a contracted out of Seeps pension. Is there anything I can do with it? Cash it in and buy AVCs?

xylophone

You can't cash it in - you can wait until you are of an age to draw benefits or transfer it elsewhere.

How far are you from scheme/state pension age?

ness_w

lm 45. The scheme has another 15 years but, with luck, I won't retire for another 5 or so.

ness_w

I can't transfer it into my teachers pension though.

xylophone

If you are likely to satisfy the income rules, you might consider a SIPP for flexible drawdown option?http://www.hl.co.uk/pensions/income-drawdown/what-is-flexible-drawdown

Or transfer to another pension? http://www.cavendishonline.co.uk/pensions/

You need to check the costs etc - will there be a transfer out fee?

ness_w

Thanks, I expect so. I can see I'll have to look into this. I'd hoped to be able to boost my work pension which is safe-ish rather than gamble with a private one.