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Pension Advice

I have recently started a new job and will be eligible to join their pension scheme. It is one for charity workers so its a really good scheme. I pay 7.5% and they pay 15% (or there about).

Previously I paid into the local council superannuation scheme for 14 years. What I need to know is......

Should I keep them separate or should I join them together?

Any advice will be most appreciated
:rotfl: l love this site!! :rotfl:

Comments

  • Linton
    Linton Posts: 17,925 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Hung up my suit!
    It depends on the details of the two schemes. However I assume that the local council scheme was Defined Benefit ("final salary") and your new employer's scheme is Defined Contribution (ie NOT final salary). In that case it would almost certainly be a bad idea to transfer the old one and may not be possible anyway as the new pension company would not want to risk a potential mis-sale case in the years to come.
  • jem16
    jem16 Posts: 19,493 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    I have recently started a new job and will be eligible to join their pension scheme. It is one for charity workers so its a really good scheme. I pay 7.5% and they pay 15% (or there about).

    Can you clarify the type of scheme it is? I know some charities have a Defined Benefit scheme.
    Previously I paid into the local council superannuation scheme for 14 years. What I need to know is......

    Presumably the LGPS ?
    Should I keep them separate or should I join them together?

    Any advice will be most appreciated

    If your new scheme is not Defined Benefit then almost certainly no. If it is the Defined Benefit scheme than the answer depends on what the 2 schemes offer in the way of benefits.
  • I know that the new pension is not Defined benefit. It had been previously but changed around 5 years ago.

    Yes my previous pension was LGPS
    :rotfl: l love this site!! :rotfl:
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