New job - transfer old pension over?

stormCat99

Hi,

I realise there probably won't be a clear-cut answer as it will depend on circumstances etc, but I was hoping for a pointer in the right direction e.g. what I should take into consideration.

I've just started a new job. I was a member of the Skandia Group Personal Pension with my old employer. My new employer also offers a pension scheme, but I don't know how to go about deciding whether to transfer over my old pension or leave it where it is.

Can anyone help? Thanks.

brightonman123

if had old scheme going for a few years, may be best to leave 'as is' - any transfer fees etc will reduce amount available to new a/c.. best get a valuation of old scheme, and seek some proper (CAB to stat with?) advice.

EdInvestor

boots_babe wrote: »

My new employer also offers a pension scheme, but I don't know how to go about deciding whether to transfer over my old pension or leave it where it is.

What kind of a scheme is it?Who is the provider?What are the annual charges and what is the fund choice?

You need to obtain this info and compare it wilth the same info on your old scheme.

If the new one is better (almost certainly its charges will be lower), then write to the old scheme for the forms to transfer it to the new scheme, and contact the new one to tell them you plan the transfer (more forms!).