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Leaving one job and starting another pension advise

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  • DRS1
    DRS1 Posts: 1,319 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    I'm really stuck as I'll soon be joining a LGPS scheme with the council next month.

    So what is the best plan going forward with all these little pots? 

    Not sure why you are stuck.  Try doing what @LHW99 and @hyubh suggested.
  • MTB1986
    MTB1986 Posts: 53 Forumite
    Fifth Anniversary 10 Posts Name Dropper
    Your hands might be tied when it comes to the option of transferring your DC pensions into the LGPS anyway, as not all LGPS pension funds will accept DC transfers in. Mine is Greater Manchester Pension Fund and I wasn’t permitted to transfer my previous DC pension in, so I’ve kept it where it was as a separate pension to give flexibility when retiring. 
  • LHW99
    LHW99 Posts: 5,263 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    MTB1986 said:
    Your hands might be tied when it comes to the option of transferring your DC pensions into the LGPS anyway, as not all LGPS pension funds will accept DC transfers in. Mine is Greater Manchester Pension Fund and I wasn’t permitted to transfer my previous DC pension in, so I’ve kept it where it was as a separate pension to give flexibility when retiring. 

    If that's the case for the OP, then perhaps transferring all the "little pots all over" into one (either into one of those, or a new SIPP / PP) could be an answer if they are all DC. Then if some part of the RM is DB, that could perhaps be transferred into LGPS.
    It would mean only two to keep track of in future.
  • hyubh
    hyubh Posts: 3,726 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    MTB1986 said:
    Your hands might be tied when it comes to the option of transferring your DC pensions into the LGPS anyway, as not all LGPS pension funds will accept DC transfers in. Mine is Greater Manchester Pension Fund and I wasn’t permitted to transfer my previous DC pension in
    ... and GMPF is the biggest LGPS fund in the country. However, the majority of funds do allow non-Club transfers in. So the OP needs to ask.
  • hyubh said:
    MTB1986 said:
    Your hands might be tied when it comes to the option of transferring your DC pensions into the LGPS anyway, as not all LGPS pension funds will accept DC transfers in. Mine is Greater Manchester Pension Fund and I wasn’t permitted to transfer my previous DC pension in
    ... and GMPF is the biggest LGPS fund in the country. However, the majority of funds do allow non-Club transfers in. So the OP needs to ask.
    If they do allow a transfer of DC into the LGPS then is there usually a fee and if there is then is the fee a lot and who is the one that would charge me?
  • hyubh
    hyubh Posts: 3,726 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    hyubh said:
    MTB1986 said:
    Your hands might be tied when it comes to the option of transferring your DC pensions into the LGPS anyway, as not all LGPS pension funds will accept DC transfers in. Mine is Greater Manchester Pension Fund and I wasn’t permitted to transfer my previous DC pension in
    ... and GMPF is the biggest LGPS fund in the country. However, the majority of funds do allow non-Club transfers in. So the OP needs to ask.
    If they do allow a transfer of DC into the LGPS then is there usually a fee
    There is no fee.
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