Best penison fund to transfer from West Yorkshire pension fund

jimrobbo2

I see that is a considerable amount and obviously will affect any money that will accrue over time as well. I think to leave it is the best option and just accepting it is going to be not as good from now on and just the job of finding one a the same time that could be better than one I will just be accepting from my company. 

jimjames

Just been speaking to an advisor about transferring my DB pension. This was one of the few that was even able to talk about it and their criteria are that you have to be over 54 to even be considered for getting advice on the transfer unless you are in ill health.
It sounds like you will find it almost impossible, if not impossible, to get a recommendation to move.

Albermarle

and just the job of finding one a the same time that could be better than one I will just be accepting from my company. 

You will only get a pension similar to what you had before by moving back to a job in the public sector , or one of the very few private employers that still offer defined benefit pensions .

The pension offered by your current employer will be similar to a pension offered by nearly all other private sector employers, and similar to any pension you could open privately .

The only real variable is what % the employer contributes . The minimum legally is 3% , but some add more .

hyubh

jimrobbo2 said:

I see that is a considerable amount and obviously will affect any money that will accrue over time as well. I think to leave it is the best option and just accepting it is going to be not as good from now on and just the job of finding one a the same time that could be better than one I will just be accepting from my company. 

The pension is one of the things to consider when determining if one job really does 'pay more' than another. In (very) general terms, at the bottom end private sector salaries aren't higher (or not higher enough) to make up for the pension difference; as you go up the food chain however, headline salaries (and potential for bonuses) in the private sector can outpace pay + pension in the public. (Obviously there are exceptions, before anyone suggests a few.)

daveyjp

At 33 keep it.  It is highly unlikely pension rules won't change over the next 25-30 years of your working life and having a mix of pensions could work in your favour.

As others have said the DB will increase every year with you doing nothing, or paying anybody.

If you go back to a public sector role with a DB pension in the future you can consider the options to combine DB elements and leave the DC scheme.

On retirement you can then mix and match drawdown with monthly income.

Malchester

Keep it. I was in a similar position, admittedly under an older scheme (and also with WYPF). When I left after 11 years I left it as a deferred pension (in 1994). It became payable when I was 60 in 2018. It enabled me to retire early then. I payed into another DB pension for 20 years which is ayable from Sept 2024.

jimrobbo2

Malchester said:

Keep it. I was in a similar position, admittedly under an older scheme (and also with WYPF). When I left after 11 years I left it as a deferred pension (in 1994). It became payable when I was 60 in 2018. It enabled me to retire early then. I payed into another DB pension for 20 years which is ayable from Sept 2024.

Thank you. I have recently just had my last pay check too which was minus £164 due to annual leave. Also tried it on to say it was over £1,000 but hey thats another story.  Glad to be out but I think from what everyone is saying it will be best to leave it. I'm personally hoping I wont need a pension pot but better to be safe than sorry.

jimrobbo2

daveyjp said:

At 33 keep it.  It is highly unlikely pension rules won't change over the next 25-30 years of your working life and having a mix of pensions could work in your favour.

As others have said the DB will increase every year with you doing nothing, or paying anybody.

If you go back to a public sector role with a DB pension in the future you can consider the options to combine DB elements and leave the DC scheme.

On retirement you can then mix and match drawdown with monthly income.

Thank you, I personally hope I don't have to go back into the public sector, although it does have its perks such as the better pensions i'll leave that to my teacher wife I think! Glad I checked though.