Is it worth transferring my Tesco Pension to the Teachers Pension?

OMAR

Or leave it as it is....

greenglide

It will depend on your individual circumstances and the benefits the Tesco service will buy in TPS.

Generally you must do this within 1 year of entering pensionable employent.

You need to ask TPS what benefits it will give you. You need to fill in the TPS form which will generate a quote. Then you can decide.

dunstonh

Which Tesco pension do you have?

xylophone

Which Tesco pension do you have?

He could have both?

http://www.efinancialnews.com/story/2013-05-06/pensions-awards-2013-scheme-of-the-year?ea9c8a2de0ee111045601ab04d673622


http://www.savvywoman.co.uk/c7-pages/c7s2.php?art_id=753


http://www.usdaw.org.uk/adviceresources/pensions/pensionsfinder/tesco/finalsalary.aspx

http://www.usdaw.org.uk/adviceresources/pensions/pensionsfinder/tesco/pensionbuildery.aspx



http://www.pensionsadvisoryservice.org.uk/transferring-your-pension/things-to-think-about-when-transferring-your-pension

Both sections of the Tesco scheme and the TPS are defined benefit so presumably no IFA sign off would be required? http://www.fca.org.uk/firms/financial-services-products/investments/pension-transfers

"Where an individual is switching from one personal pension to another, for example, from a personal pension to a SIPP or from one occupational trust-based scheme to another, this is not a pension transfer."

OMAR

I have 8 years in the Defined Benefit Scheme (smart pension builder)

OMAR

bump bump bump

jem16

OMAR wrote: »

bump bump bump

I think Post 2 gave you the best answer.

Compare the benefits of both schemes (ie retiral age, number of years if you did transfer etc) and then decide which is the best option for you.

OMAR

I think tps class it as a avc tho??

jem16

OMAR wrote: »

I think tps class it as a avc tho??

They class what as an AVC?

OMAR

the transfer in

jem16

OMAR wrote: »

the transfer in

When you transfer into the TPS, your transfer value from your old scheme will buy a number of years and days in the TPS. It's nothing at all to do with AVCs.

What you need to do is request a Cash Equivalent Transfer Value (CETV) from Tesco Pension Scheme and then complete the transfer form for the TPS to see how much it would buy you. You are not committed if you don't like the answer and you would get better by staying in the Tesco scheme. This must be done within one year of joining the TPS.

Tesco leaving leaflet.

https://pensionwebsite.co.uk/mint-project/uploads/283764269.pdf (If it asks you to login it's Tesco and mypension)

TPS transfer in form.

Go here and download the transfer in form.

https://www.teacherspensions.co.uk/members/resources/forms.aspx