Could/should I transfer all my money into my current work pension?

ChrisK....._3

I'm 60
I have a matured pension with standard Life
I have a small company pension from my last job that's now on ice
I have a new job with the local council and a new works pension and they are contributing 50/50
I can't afford to retire so I'll start at work as long as I can do in withering
Could/should I transfer all my money into my current work pension?

JoeCrystal

Not enough information. How much is there in each pension pot, what do you mean by a matured pension? Is there any reason why you are in 50/50 section? Surely, you would better off in the main part?

As the NRA for LGPS is 66, you can get a pension from it unreduced in six years. Let say you are on £16,000 salary; you would be contributing £74 per month. Over six years, and assuming that inflation and payrise matched, that works out as £1959 per year income, you would only need few years to get your money back. I would say it is worth asking for quotes to see how much your pension pots could you get in LGPS, especially when you can access the LGPS so soon.

Marcon

'Could I' - see https://www.lgpsmember.org/arm/already-member-tvin.php

'Should I' - not a simple yes/no answer. Talk to your new scheme for more information.