Transfering a pension

loslobos

Please can anyone assist or advise. I have a Personal Options Pension currently a transfer value of £10k. I have just started working for a company who provides a pension arrangement where by they put in 15% if I invest 5% of my monthly wage. I am 46. I have a letter from my current pension provider stating that they are contracting me back into the state second pension. I am not too sure what all this means and want to know should I transfer this money into my new employers scheme to give it a start or not.
Many thanks in advance.

EdInvestor

If the Personal Options pension contains contracted out money you will probably find the new pension scheme won't accept it.

Is the new pension scheme contracted out? (Ask) If so, your NI rebates from now on will be collected by the new scheme, they won't go into the old one any more.

You should consider whether the old scheme needs to be moved to a more cost effective scheme with better investment choices.Who is the old provider and what funds is the money invested in?What charges are you paying?

dunstonh

The pivotal age for contracting in is age 45 so getting that letter telling you to contract in is no surprise.