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Pension transfer?

ednotdave
Posts: 393 Forumite
Help! I'm after advice on whether to transfer my wife's old frozen pension to her new Teachers Pension, but I can't get my head round it. 
The old pension has a value of £10400 and TPS tell us it will buy approx 1 year and 103 days pensionable service in the TPS. How do I work out if this is a good deal?
Thanks in advance...

The old pension has a value of £10400 and TPS tell us it will buy approx 1 year and 103 days pensionable service in the TPS. How do I work out if this is a good deal?
Thanks in advance...
I love a nice juicy "kebab"... 

0
Comments
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How do I work out if this is a good deal?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.0
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Any advice...please..?I love a nice juicy "kebab"...0
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1 year is worth 1/60ths of final salary in the TPS - how much is that worth now & what's here salary likely to be at retirement?0
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...anybody?...please...pretty please...:oI love a nice juicy "kebab"...0
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We can't give advice as it could get Martin in trouble with the FSA but:
Existing pension worth £500/year
Transfer buys you 1+ year in the TPS, with 1 year worth 1/60 x £40000 = £666/year
If you and your wife can't make a decision on that as to which is best I fear for the future of education :-)
tbh it seems like such a good deal that there may (must?) be a mistake in either the valuation of her existing pension or the amount it will buy in the TPS0
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