transfer advice

keithrtfld

i am currently 50 and have to small pension pots 1 with b&ce to which i am contributing £25 a week and 1 with the railway,not contributing and left service.i have a transfer value of 19k i am thinking about taking a lump sum when i reach 55( if its still allowed then)is it worth transferring into my b&ce so that all are in 1 place,i have 15k and rising in b&ce but if i transfer all into 1 this will give me a pension pot of 34k does this change my ability to take lump sum at 55

xylophone

1 with the railway,not contributing and left service.

A deferred defined benefits pension? Better left in place?
Have you read the scheme booklet about what happens to deferred pensions and when it may be taken without reduction?

keithrtfld

No I have not and I don't know what deferred hugahiga is.I am lost with anything like scheme booklets unless it's explained in layman's terms.thanks for you quick answer cheers

mgdavid

keithrtfld wrote: »

No I have not and I don't know what deferred hugahiga is.I am lost with anything like scheme booklets unless it's explained in layman's terms.thanks for you quick answer cheers

It won't be difficult to find out at a minimum what type of pension scheme it is. You owe it to yourself to at least try. Phone up the railway pension trustees and ask them for a copy of the Scheme rules booklet. You can always come back here and ask more questions.

xylophone

https://www.railwayspensions.co.uk/Resources/Client/PML.RailwayPensions/Templates/TextOnly.aspx?DocID=2743&

Ring up and ask.