Two Pensions - should i transfer

[jinkster]

I have a pension from a previous job that I no longer pay into - should I keep it? It's with Scottish Widows.

The new job I intend to stay with until retirement (I'm 35) is paying pension into Fidelity. Should I transfer SW pension into Fidelity.

[Jockman]

What will it cost you? Are you happy to pay that cost?

[anonymous-user]

As a first pass you need to look at the charges and performance and risknprifile etc. and cost to move and decide if it’s worth it.

I had 4 pensions and transferred the two most expensive (which were also quite volatile and not returning adequately based on the risk factors) into one of the others and left one alone.

[Welshbeef]

You are 35yo and believe you will still be working for the same company in 33-34 years time?
I hate to break it to you but I’d not be banking on that outcome.


As for transferring - you need to know what the cost to transfer is which might make it extremely unpalatable.

Also bear in mind that the best move might be to move it to a SIPP.

[hornmeister]

If its defined benefits (such as final salary linked) then the answer is more than likely no unless you're likely to pop your cloggs early.

If it's a simple pot of money that's invested to provide an income based on it's value at retirement then you need to look at the transfer value, the fund value and the running costs and compare this with what you could get elsewhere.

Eg if the pension is worth £10K but transfer value is only £8K, you'll need to make up £2K in savings inrunning costs and improved investment performance before it's worthwhile transferring.

In short without more information it's not prudent to answer the question.


IANAIFA