transferring out of company pension

dinah_2

I have been contacted by a company I stopped working for 5 years ago. I worked for them for 13 years and am part of its pension scheme. Its one of those final salary schemes. Originally when I joined it I was told never transfer as it is one of the best....They now say it is not performing and initially closed it to new entrants but now are asking people like me as deffered members to consider transferring out to my current work pension as the original is not performing - ie they want to offload us. The thing is I have £118 k in that fund but they are only offering £64 k to put in another pension.. plus a sweetener of £24 k which if I take as cash and which may or may not be taxed.

I am 48 and because of a fraught family situation the money would be useful -but certainly not if taxed
I also have multiple sclerosis and it is not that sure I can work past 65 any way.. I am torn because if it doesn't perform I may miss out but I also object to the company trying this on - the idiot I called for some more info merely said think you could have a nice cruise with the £24k -the ejit
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to me the rewards seem to outweight the penalties. But I dont know how badly the fund is performing and am getting independent advice but any views would be welcome

EdInvestor

Contact these people for free independent advice:

http://www.opas.org.uk/

This sounds rather odd.