Transferring pension

Moniker

I have a small teacher's pension which will become payable when I am 60 in five years' time. Currently I am paying into a local government pension scheme which becomes payable when I am 65, by which time I will have about 19 years in (though I have only been working full time for the last 18 months). I always thought that the teacher's scheme was a better one and although I only have 7 years full time and 7 years partime contributions in I thought it best to keep it there. Recently however, people at work have been saying I should transfer it into the LG scheme as my earnings there are higher than when I was teaching and it is based on the best of the last three years' salary. I would prefer to transfer to keep things simple and in one place but would this make the most financial sense? Any advice welcome.

Thanks

Moniker

Andy_L

Only way to know for sure is to get the numbers from the pension schemes. As they are both Public Sector schemes you will get a "fair" transfer. ie both schemes will use the same assumptions about longevity, inflation, career progression etc

Unfortunately there is a 12month limit on transferring in another pension to the LGPS so you've missed your chance unless you employer will allow you an extension.