Should I combine previous work pensions with my new one?

Evans44

Hi, I’m after a little bit of advice regarding work pension schemes please. I have just started a new job with a University, as my role is grade 8 I am enrolled in the University’s Superannuation Scheme (USS). From what I gather my normal contributions go towards my USS Retirement Income Builder? And any AVC’s would go into a USS Investment Builder (is this similar to the Railways Brass scheme)?

I have Railway pension (still awaiting fund value), this will not be much though. As I was only in the scheme 3-4 years. Also, I have another work pension with a fund value a little over £40k (managed by Fidelity International). Just want to know if it’s worth transferring both these pensions into my USS? If I’m correct, it looks like the funds would go into the USS Investment Builder (AVC section)? Or would it buy me years service in the normal pension section.

Any advice would be appreciated as I’m clueless.

Thanks

bluenose1

Hi, I am in USS.
Yes, your normal contributions go into a DB scheme. Think each year's contribution increases your annual pension by 1/75th of annual salary. There has been a dispute recently as they tried to withdraw the DB scheme but fortunately at least for now it is continuing, though unfortunately contributions are set to rise.
I am also paying in a significant amount to the D.C. scheme because of the benefits of Salary Sacrifice etc.

According to the fact sheets any transfers in would go into the Investment Builder which as you know is a DC scheme.
https://www.uss.co.uk/~/media/document-libraries/uss/member/factsheets/transfers-in.pdf

Is your railway pension a DB or DC pension? If DB I would consider carefully before giving it up as a guaranteed annual income on retirement.
Sorry have no idea if you should transfer DC pension in or not.
Best of luck.