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transferring pensions

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gedk | 20:26 Thu 12th Jan 2006 | Business & Finance
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I was made redundant in march 2005after nearly 30 years in the civil service,where my final salary was approx �16,250 per annum and have commenced new employment on 9 jan. My new salary with shift allowance will be �18000.Is it advisable to transfer my deferred pension to my new employer. any advice will be greatly appreciated.



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Generally speaking you should avoid transferring however to be sure I need to know more. What kind of scheme are you in? if it's a final salary scheme do not move it. If it's a money purchase scheme then look at the transfer penalties but generally moving pensions = costs = fund hammered so don't!

Unless you are transferring to another public sector scheme, I'd leave it where it is.

Even to another PS scheme I'd look very closely at the terms on which you can move it.

Are you old enough to start taking the old pension - or weren't the redundancy terms that favourable?

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