Transfer Pension

Hi,

I have many private pensions but moving to a job where it is a Local Government Pension scheme. Should I transfer these pensions over?

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  • dunstonhdunstonh Forumite
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    Should I transfer these pensions over?
    If it is best to then yes you should.  If it is not best to then no you should not.

    About the best answer we can give on such limited information.

    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Pat38493Pat38493 Forumite
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    Hi,

    I have many private pensions but moving to a job where it is a Local Government Pension scheme. Should I transfer these pensions over?
    I think you would need to provide quite a bit more information to get any useful feedback - for sure in some cases this could be a good idea but it wouldn't be possible to comment without knowing which pension scheme you mean, what the rules are in terms of transferring in and how much benefits you can "buy" with your scheme, and the details of the pensions you are considering to transfer in there.  Also how long you are expecting to stay there, your age, when you are planning to retire etc might help.

    There isn't a canned answer to such questions as it may be a different answer for each individual.
  • AlbermarleAlbermarle Forumite
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    Hi,

    I have many private pensions but moving to a job where it is a Local Government Pension scheme. Should I transfer these pensions over?
    Firstly you need to familiarise yourself with the rules of the scheme you are joining.
    The local govt scheme will be a Defined Benefit (DB)scheme. Maybe some of your other pensions are DB schemes or they could be Defined Contribution (DC)schemes . (The differences are explained in the link)It maybe the case that you can transfer one type and not the other.
    So there is not a simple answer.

    Pension basics | Help with pension basics | MoneyHelper
  • hyubhhyubh Forumite
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    Hi,

    I have many private pensions but moving to a job where it is a Local Government Pension scheme. Should I transfer these pensions over?
    A transfer in from a non-public sector scheme will be a 'non-Club' transfer. First thing to check whether non-Club transfers in are actually allowed (it's an administering authority discretion, most do allow but some don't). If they are, fill out your LGPS administrator's transfer forms and kick off the process to get estimates. 
  • xylophonexylophone Forumite
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    (The differences are explained in the link)It maybe the case that you can transfer one type and not the other.

    The LGPS is a DB Scheme so that if the OP has a DB Scheme/safeguarded benefits with another provider, the advice requirement should not apply.

    There is some more information here which may be of interest to the OP.

    https://www.lgpsmember.org/your-pension/paying-in/transferring-in/

  • MarconMarcon Forumite
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    I very doubt if OP will have followed any, let alone most, of the jargon above.

    OP - have a look at https://www.lgpsmember.org/your-pension/paying-in/transferring-in/ and scroll down to 'Other Pension Rights', pausing before you get there to check that none of your previous pensions might fall into any of the categories covered.


    Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!  
  • hyubhhyubh Forumite
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    Marcon said:
    I very doubt if OP will have followed any, let alone most, of the jargon above.

    Are you suggesting 'fill out your LGPS administrator's transfer forms and kick off the process to get estimates' is too jargon-y...?
  • LHW99LHW99 Forumite
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    OP, when finding out information check the timescale, as I believe many such schemes want transfer in done in the first 12 months and won't accept them after that.
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