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Transfer in to Company Pension
Pension_Novice
Posts: 2 Newbie
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?
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?
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Comments
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Yes. Not many DB schemes left that will let you transfer in funds from elsewhere.2
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Thank you Cobbler_tone, PensionBee seems to be performing well but wanted to merge to get better interest, thanks again0
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A DB pension doesn't earn you any interest.Pension_Novice said:Thank you Cobbler_tone, PensionBee seems to be performing well but wanted to merge to get better interest, thanks again
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.1 -
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.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?
Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!0 -
You can not compare them.Pension_Novice said:Thank you Cobbler_tone, PensionBee seems to be performing well but wanted to merge to get better interest, thanks again
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 | MoneyHelper0 -
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.0
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