Pension Advice

terryjune

Hi, I have a pension with royal mail 21 years as a final salary and 8 years career salary defined benefit scheme. I also have an AVC which I started last year. I worked somewhere else from 16 years old until 21 so I have 3 years in a Rolls Royce pension, my question is should I transfer it into my royal mail pension? and would it go into CSDB or AVC ? as final salary is now closed. and also any advice on how to go about this if it is what I should do please. thank you in advance

OldBeanz

Many pension schemes only allow transfers-in during the first year or so. You need to ask whether you are allowed to then if you are what benefits your pensions company offer.

kidmugsy

Is there a particular reason why you don't want to stay with the RR scheme?

GunJack

kidmugsy wrote: »

Is there a particular reason why you don't want to stay with the RR scheme?

I would imagine that, only 3 yrs-worth of RR would be put to better use topping up current if poss, and easier to keep track of one pension rather than 2

kidmugsy

GunJack wrote: »

I would imagine that, only 3 yrs-worth of RR would be put to better use topping up current if poss,

Could be, but probably not poss.

GunJack wrote: »

easier to keep track of one pension rather than 2

In my experience it's no prob to keep track of two. Keeping track of five or six would be irksome, I agree.

You could always ask RR to quote a CETV (cash equivalent transfer value) but that usually turns out to be less valuable than persevering with the old DB pension. Anyway, it still wouldn't reduce your number of pensions.

terryjune

thank you for the replies. im not bothered about leaving it in RR scheme . I was just wondering if it was benificial to add it to my royal mail scheme, cheers