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pension transfer
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started a new job, should i transfer previous company pension into the new one or keep it separate
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There isn't a simple answer to this one - it depends on how good the two schemes are and how much the transfer of the old one will buy you in the new.
If either of the schemes is a final salary one keep/transfer into it as appropriate is a reasonable principle. If both are, compare what you can preserve in the old one with what it will buy in the new one.
If the new scheme is 'dodgy' (probably not the best word but I can't think of another quickly), then keep them separate for security.
If either of the schemes is a final salary one keep/transfer into it as appropriate is a reasonable principle. If both are, compare what you can preserve in the old one with what it will buy in the new one.
If the new scheme is 'dodgy' (probably not the best word but I can't think of another quickly), then keep them separate for security.
I'd be inclined to keep them separate at this stage because if you pay into your new pension scheme and stay with your new employer for less than two year your pension contributions will probably be refunded and if you've transferred, you may have to take your earlier pension fund out as well and lose your contributions to that. Looking longer term when you're approaching retirement age, you might possibly want to reduce your hours to work part-time or something similar, and if you've got two separate pensions, you'll be able to flex your options and perhaps take incomes from them at different times to suit your own finances. However, if you've been lucky enough to have a final salary scheme in the past, or in your new job, stick with that but possibly transfer after two years with your new employer.
As dzug says, there is no straightforward answer and much will depend on your own personal circumstances. Furthermore, not all pension schemes will accept transfers in so you'll first need to check with the trustees of your new scheme whether or not it does. Only independent financial advisers with a specialist pension qualification (eg, G60) can advise on and facilitate pension transfers so you'll need to seek the advice of suitably qualified adviser.
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