Combining pension

AlwaysLearning123

Hello, complete newbie to Pensions over here.  Advice appreciated!

In my current job I am enrolled in Teachers Pension.  I also hold a tiny pot with NEST from a previous employer.  

Is there any value in transferring the NEST pot over to Teachers Pension?  Or is it useful to keep the two separate? 

I'm currently working full-time in Education, but I am wondering if I might reduce my employed contract and increase self-employed income in future.  In which case, could the NEST account be useful as a place to put voluntary contributions, or would topping up extra into Teachers Pension be of equal value?

Thanks for your help!

Albermarle

First you need to understand the difference between a Defined Benefit ( DB ) pension like the Teachers Pension and a Defined Contribution (DC) pension like NEST
Pension basics | Help with pension basics | MoneyHelper

As a generality DB pensions are much better than DC pensions and the Teachers pension is a very good one.
If you reduce your employed contract, you will be losing some of the pension benefit, so the self employed income would have to be better to compensate.

xylophone

If you have been a member of TPS for longer than a year a transfer in may well not be possible.

LHW99

If you did keep your NEST pot it wouldn't do any harm. It would be a second source of income that you could use in several ways:

As a way of retiring a year or so early without having to take a reduced Teachers' pension.

As a spare pot of cash for emergencies, or to pass on to a beneficiary free of inheritance tax (if that should be an issue).

As an additional source of funds if the teacher's pension payment system goes into meltdown one month (Capita?)