All in to 1 pot?

Airwolf20721

Hi, I have 3 pensions,
Standerd Life not paid in to since i left Job in 2008. About 3k.
A final salery pension in my current Job, This was stop 2 years ago so only paid in 6 years worth and need to try get info on how to find out how much in this pot etc.
A normal penson in my current job i paid in for 2 years. I pay 7% the company pay 14%.
I want to put the 1st two and move them into the current one.
1. Will this cost me a lot to do?
2. Would this be a good idea?
3. Is it a smmoth procesS?

Thanks

xylophone

You are now a deferred pensioner of your DB scheme - this is almost certainly best left alone to grow in deferment until you can take it at scheme pension age.

Presumably you now have a DC pension - will it accept a transfer in of your Standard Life pension?

enthusiasticsaver

You are in the same position as my OH whose company closed down the DB scheme in 2007. I would also suggest you do not give up the benefits of this and leave this open. The benefits of this are not to be given up lightly.

Airwolf20721

Sorry im lost.. what you mean a deferred pensioner? & what a DB scheame?
I have a normal penson now i think as final salery no longer exist.. still got 35 years before i can take any of it..

greenglide

Normally when a DB (final salary) scheme is closed the contributing members become "deferred members" in much the same as if they had left the employment. Their benefits would then grow according to the scheme rules, usually by RPI or CPI. These are usually very beneficial as there is no investment risk.

You need to consult the scheme booklet to see how this has been handled. You must have received details of how they intended to close the scheme and any links to the new one?

Airwolf20721

Hi,
yes i can see the final one when i log into my current one, So just look into my current one and see how my current one is... at bottom says final salery penson is is etc etc not a lot to be fair so is that best left alone and just move the standered life one into my current one?

PeacefulWaters

What are the charges on the standard life on compared to your employer scheme?

greenglide

The DB scheme would tend to show an annual or monthly rate of pension expected rather a large chunk of money.

You need to read the scheme booklet rather than just looking at their portal, the rules wont be in the portal. The scheme booklet and explanatory notes may be accessible from the portal though?

enthusiasticsaver

The portal won't show your DB pension as it is now deferred, only your current one. Once you get to retirement an annual pension will be offered. Do you get annual statements?

enthusiasticsaver

A DB pension is a final salary one.

greenglide

The portal won't show your DB pension as it is now deferred

OP seems to be of a differing opinion?

So just look into my current one and see how my current one is... at bottom says final salery penson is is etc etc not a lot to be fair