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  • FIRST POST
    • ness3765
    • By ness3765 15th Apr 19, 10:28 AM
    • 30Posts
    • 8Thanks
    ness3765
    Should I transfer an old pension?
    • #1
    • 15th Apr 19, 10:28 AM
    Should I transfer an old pension? 15th Apr 19 at 10:28 AM
    Many years ago I contracted out of SERPs and now have an old pension the current value is just over 12000 or 270 per annum. ( I have not paid into this for many years)

    I now have a LGPS and as it has formed a new council I can transfer in any old pensions.

    I am 55 in April 2020 and plan to take early retirement, so my question is would it be worth transferring this amount over just for the year?
    (Please ignore my ignorance as pensions totally confuse me)

    Thanks in advance
Page 1
    • dunstonh
    • By dunstonh 15th Apr 19, 11:14 AM
    • 97,994 Posts
    • 66,155 Thanks
    dunstonh
    • #2
    • 15th Apr 19, 11:14 AM
    • #2
    • 15th Apr 19, 11:14 AM
    I am 55 in April 2020 and plan to take early retirement, so my question is would it be worth transferring this amount over just for the year?
    If it is better to do so then yes you should.
    If it is not better to do so then no you shouldnt.

    As we dont have any info on the pension, we cannot offer any better answer than that.

    As you are planning to take the LGPS pension early? It may be better to defer the LGPS for as long as possible (due to reduction for taking early) and use the other pension as a lump sum to give you as long as possible.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • ness3765
    • By ness3765 15th Apr 19, 1:26 PM
    • 30 Posts
    • 8 Thanks
    ness3765
    • #3
    • 15th Apr 19, 1:26 PM
    • #3
    • 15th Apr 19, 1:26 PM
    'It may be better to defer the LGPS for as long as possible (due to reduction for taking early) and use the other pension as a lump sum to give you as long as possible.'

    Thanks I hadnt considered this as a option
    • Dox
    • By Dox 15th Apr 19, 10:03 PM
    • 1,332 Posts
    • 989 Thanks
    Dox
    • #4
    • 15th Apr 19, 10:03 PM
    • #4
    • 15th Apr 19, 10:03 PM
    Have you asked the LGPS for a quote as to what they would give you if you did transfer it in?
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