Question about moving pensions

[AdditionalCharacter]

I have a pension from my previous job that's a small amount of £13,500. The company went bust and everyone's pensions are being held with L&G.

I'm now working for my LA, have been for around 3 years and plan on doing so now for the rest of
My working life.

Is it better to move my L&G pension to my current one, or leave it where it is?

You need to speak to a pensions adviser as soon as you can to get it sorted x

You don't necessarily need to see a pensions advisor, but you do need to understand a lot more about how pensions work.

The 'previous job' pension at £13,500 sounds like a private defined contribution pension. This kind keeps track of how much you pay in, then you get some options on how to pay that investment out. You pay in from gross salary, so tax tops it up by your highest marginal rate but there are no guarantees on how much you get back.

Your LA pension is most probably a defined contribution pension, where your final pension is guaranteed as a proportion of your salary, so is a really good thing to have. I would not expect that you could just 'pay in' the sum invested with LG, so it might be better to have a mixture of pensions.

There is no one obvious answer, but the questions aren't too difficult if you can pick up how it works. Some people prefer just to have an advisor tell them what to do, because its easier. Lots of people have not done well out of this approach, see anyone who invested in Equitable Life pensions.

good luck.

First establish whether the new scheme will accept transfers in. If it doesn't then leave everything alone.

Be. Are full of its defined benefits you can lose the benefits, if it’s defined contribution it’s easy to move.

Please don’t waste your money paying an adviser to tell you what you can readily find out either from the LGPS website, or by asking your pensions department!

I’m not against IFA advice at all, just get clued up yourself first.

Are you a member of the LGPS? Sounds like it, but only you know. If yes, then you can generally only transfer other pension scheme money in within 12 months of joining. You’ve been there 3 years. It is discretionary though - so you can still ask.

www.lgpsmember.org/arm/already-member-tvin.php

Even if you can, I agree with other posters that you need to know what you have - just a DC pot, no additional guarantees - simple.

The LGPS has many many members and a wealth of really clear info on its site, should help you a lot.

Thank you everyone. Sorry have been on night shift so not completely with it.

The original was a contribution based one, no benefits.

I'll speak to current pension and ask them if it's possible, as a starting point.

I'm similar. Have a larger defined contribution pension but just started with the civil service on a defined benefits and don't know whether to more or keep seperate.

I have four different pensions. One private I've been paying into for years, a work one I (and my employer) pay into, and two old ones from previous jobs that I don't pay into.
I've vaguely wondered about transferring the two old ones into the ongoing private one, but haven't. No idea if it would be a good or bad idea!

@PyjamasAndBananas but why wouldn’t you find out? 🤷🏻‍♀️