Should I transfer an old pension?

ness3765

Many years ago I contracted out of SERPs and now have an old pension the current value is just over £12000 or £270 per annum. ( I have not paid into this for many years)

I now have a LGPS and as it has formed a new council I can transfer in any old pensions.

I am 55 in April 2020 and plan to take early retirement, so my question is would it be worth transferring this amount over just for the year?
(Please ignore my ignorance as pensions totally confuse me)

Thanks in advance

dunstonh

I am 55 in April 2020 and plan to take early retirement, so my question is would it be worth transferring this amount over just for the year?

If it is better to do so then yes you should.
If it is not better to do so then no you shouldnt.

As we dont have any info on the pension, we cannot offer any better answer than that.

As you are planning to take the LGPS pension early? It may be better to defer the LGPS for as long as possible (due to reduction for taking early) and use the other pension as a lump sum to give you as long as possible.

ness3765

'It may be better to defer the LGPS for as long as possible (due to reduction for taking early) and use the other pension as a lump sum to give you as long as possible.'

Thanks I hadnt considered this as a option

Dox

Have you asked the LGPS for a quote as to what they would give you if you did transfer it in?