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Pension help needed pls!!!

Hi I have recently changed job.
I worked for a local council for about 14 months and joined their pension scheme from the start. I now work for a housing association and they also have a pension scheme. I have been told that I can transfer my existing pension into the new scheme. However, before I do that are there any particular things / details I should check?
Sorry but am completely clueless so any advice or suggestion will be greatly appreciated.

Comments

  • dunstonh
    dunstonh Posts: 118,574 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    However, before I do that are there any particular things / details I should check?
    Yes.

    Which one will give you the most is probably the simplest question. Just because you can transfer it, doesnt mean you should. Especially a govt scheme.

    You need to complete a transfer analysis to see what benefits you would be giving up against what benefits you would be gaining. There may be some pros and cons but once you know the facts you can decide which option is best.

    My gut instinct would be to leave it in the LGPS but obviously we dont have all the facts here.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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