Is it worth adding to works pension

Sunshine_and_Roses

xylophone said:

Have you obtained a state pension forecast?

https://www.gov.uk/check-state-pension

Are your DB pensions payable without reduction at age 60?

What is the value of each of your old DC pensions?

State pension - one year of NI contributions left then full pension at age 67
One DB pension due at age 60 with no restrictions (currently £4500 pa)
One DB pension due at age 67 (currently £10000 pa)
One DC pension (Reassure) £3500, another (Aviva) £1511, current one (NOW) is £4934

xylophone

Would NOW accept a transfer in of the two DC pensions?

https://www.nowpensions.com/help-and-support/members/faqs/manage-my-pension/can-i-transfer-other-pensions-to-now-pensions/

If so this (together with) increasing your contribution to NOW by £100 a month could be worth considering.

You might then find it convenient to access your NOW pension when your first DB becomes payable at 60 (when you plan to retire from

paid work)?

https://www.nowpensions.com/help-and-support/members/faqs/retirement-options/

You might consider transferring NOW to a SIPP when you retire and taking your pension flexibly.

Sunshine_and_Roses

xylophone said:

Would NOW accept a transfer in of the two DC pensions?

https://www.nowpensions.com/help-and-support/members/faqs/manage-my-pension/can-i-transfer-other-pensions-to-now-pensions/

If so this (together with) increasing your contribution to NOW by £100 a month could be worth considering.

You might then find it convenient to access your NOW pension when your first DB becomes payable at 60 (when you plan to retire from

paid work)?

https://www.nowpensions.com/help-and-support/members/faqs/retirement-options/

You might consider transferring NOW to a SIPP when you retire and taking your pension flexibly.

Thanks, that sounds like a really good idea. I have emailed them and asked them to see if I can do this.

LHW99

I have emailed them and asked them to see if I can do this.

To be clear - you would ask Now to do the transfers - not the old pension cos

Sunshine_and_Roses

LHW99 said:

I have emailed them and asked them to see if I can do this.

To be clear - you would ask Now to do the transfers - not the old pension cos

Thank you, hopefully they wont charge silly fees to do this on such small amounts.

Albermarle

Nowadays there are normally no fees for transferring pension pots