tranferring company pension funds

baxterbaggy

hi all - new poster here, so bare with me!

I worked at a pharmacetical company for 20 years and got made redundant in 2003.
Have a new job at another pharma company that is run and owned by the NHS.
My question is;

Do i transfer the funds from my old frozen pension scheme that i paid into for around 18 years to buy years in the NHS pension scheme - both are final salary schemes and can provide figures if needed.
I have only been in NHS pension scheme for 2 years

any advice greatly appreciated

Steve

dunstonh

When you compare benefits, which one gives you the most?

baxterbaggy

well - I am thinking the NHS pension will be batter in the long run - but am not sure i shpuld just leave my old pension alone - i need to find out if i will lose anything from my old pension if i transfer it, not sure how easy it is to do this.
ok - let me provide some details from last pension statement;

Guaranteed minimum Pension (GMP) before 6 April 1988 - £306.80
Guaranteed minimum Pension (GMP)built up after 5 april 1988 - £811.20
Fund pension (over the GMP) built up before 6 april 1997 -£2151.97
Fund pension built up after 5 April 1997 -£2754.75
Total Fund pension at the date I left £6024.72

The total GMP is increased 4.5% for each tax year between the date i left the fund and 3 Dec 2031.

Doesn't seem much really for 19 years service does it!!
Do you think its worth transferring to another final salary pension?

Thanks

Steve

Retired_I.F.A.

What you have in one scheme is pretty much irelevent as to what it will provide in another as what really counts is the transfer value offered from scheme A and what it will buy you in scheme B.

You ought to ask the trustees for a transfer value and seek out an IFA and have a transfer value analaysis (TVA) done which will compare the benefits between the four options available, You can only do it yourself if you spend 6 months or more learning how to do the calculations.

1/ Leave the preserved pension alone
2/ Transfer to new final salary scheme
3/ Transfer to your own personal pension
4/ Transfer to your own section 32 buyout bond.