New job - new final salary pension

dave_ave

I'm about to start a new job that offers a fianl salary pension just as my old employer (BBC) does.

Should I ask to transfer the funds to my new scheme or leave them where they are?

Last time I moved jobs I lost out on years of pension in the transfer.

Any advice?

Pal

Unfortunately there are just too many possibilities without more details - we could end up posting here for days trying to cover every possibiliy just to find that we missed the one that applied to your circumstances.

First find out whether the scheme will accept a transfer. Many will not.

Second find out whether your transfer value from your old scheme is reduced for any reason. It will say on your transfer value statement.

Then find out what type of benefit they are willing to offer you in return for the transfer value (added years? fixed pension at retirement? money purchase benefit?).

Then please come back and ask again with the details. Figures are not necessary (and we wouldn't be able to give actual advice on them anyway), we just need the general details mentioned above.

Look forward to hearing from you with the details.

dunstonh

Also find out if there are guarantees or special terms in place with your old scheme. These may outweigh the benefits of the new scheme.