My present employer offers a final salary pension scheme, which I contribute to. My last employer ran a pension scheme, which they (the employer) contributed to, but I chose not to as I knew I wouldn't be there long. Anyway it now stands as having £4300 in the fund, what I would like to know is, should I transfer this to my present employers scheme or leave it where it is and take (what I know will be a small amount) on retirement? Thanks.
2007-02-07 01:47:32 · 4 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
General response to 'ask professional advice' .. however the COST of that advise is likely to be excessive ...
What you should already have from your old scheme is a 'projected pension value at 65'
What you also need to know, is the Transfer value (how much will they give you to transfer into the new scheme).
Once you have the Transfer value, ask you present employers Pension Fund to calculate what pension THEY think this will buy at 65 (i.e. get them to do a 'projected pension value at 65' for theTransfered fuunds ONLY).
In both cases you need to know any ASSUMPTIONS that might have been made (for example, a lot of Transfers will be into a 'Money Purcashe' fund - very few will add the Transfer to the Final Salary pot - so to calc. projected pension they will have to make some assumption about stock market growth)
With this info. I suggest you then ask your current Employer if you can speak to the Pension Trustees = they should be able to assist you in deciding wether to Tranfer or not.
NB. You might also need to consider how stable the old and new company schemes are. i.e. what's the chance they go bust and leave you with less that the 'projected' value ??
2007-02-07 07:28:13 · answer #1 · answered by Steve B 7 · 0⤊ 0⤋
everybody can get carry of their state pension everywhere contained in the international. Thats how maximum Brits stay. She would not be ready to declare any of her previous due husbands state pension. it dies with him. If she remained the following she should be ready to declare pension credit yet i do not imagine that applies if she is in a overseas u . s . a .. I have self assurance (it truly is slightly unusual) that she will be ready to also declare wintry climate gas allowance in spite of if she is in a warm u . s . a . !!
2016-12-03 20:32:25 · answer #2 · answered by sobczak 4 · 0⤊ 0⤋
Very important to get this right. Seek independent advice. The Bradford and Bingley give this and are obliged to give you the best advice. You can get a free interview by appointment at any branch.
2007-02-07 01:56:05 · answer #3 · answered by Fraggle Rocker 2 · 0⤊ 0⤋
This is an area where you really need professional advice - not advice from a bunch of think-they-know-it-alls (but in reality haven't got a clue) on a site like this.
2007-02-07 03:06:50 · answer #4 · answered by Anonymous · 0⤊ 0⤋