Transfer in to Company Pension

Pension_Novice

Hello everyone!
I have company DB Pension which I am currently paying into but I also have some funds from a private pension now residing with PensionBee. My company has a suspension on transferring funds into the company pot. My question is is this suspension legal?

Cobbler_tone

Yes. Not many DB schemes left that will let you transfer in funds from elsewhere.

Pension_Novice

Thank you Cobbler_tone, PensionBee seems to be performing well but wanted to merge to get better interest, thanks again

Dazed_and_C0nfused

Pension_Novice said:

Thank you Cobbler_tone, PensionBee seems to be performing well but wanted to merge to get better interest, thanks again

A DB pension doesn't earn you any interest.

It is a bit like deferred salary, you get a pension as set out in the scheme rules.

A transfer in would be buying you more of that pension, again following the scheme rules.

Marcon

Pension_Novice said:

Hello everyone!
I have company DB Pension which I am currently paying into but I also have some funds from a private pension now residing with PensionBee. My company has a suspension on transferring funds into the company pot. My question is is this suspension legal?

There's only one type of pension which is required to accept a transfer in (from any other UK registered pension scheme), and that's a stakeholder pension. Every other type, whether DB or DC, can set its own rules and requirements in respect of accepting transfers. 

Albermarle

Pension_Novice said:

Thank you Cobbler_tone, PensionBee seems to be performing well but wanted to merge to get better interest, thanks again

You can not compare them.

Pension Bee is a Defined Contribution pension

Your work pension is a Defined Benefit pension ( according to what you said) . These are rather rare nowadays outside the public sector.

The two types of pension are totally different.

Pension basics | Help with pension basics | MoneyHelper

Cobbler_tone

When our DB pension ‘did’ accept transfers, it was effectively AVC’s that were a DC bolt on. That facility was closed off several years ago and people now contribute to the current DC should they wish to.
I guess it was similar to the USS and Investment builder.

The common theme is always check the specific scheme rules.