Hi,
I was made redundant last year and my pension pot was transferred to a PRB when my former employer wound up the company pension scheme. I am now with a new company and I am wondering what are the pros/cons of either keeping the old pension in the PRB or transferring it to my new employers' scheme ?
From what little details I have of the PRB it looks similar to a pension scheme, ie. I pay an annual %age management charge and my pot is invested in various funds until I retire. So in principle the only deciding factor I can think of is the size of the management fee of the PRB relative to the fee for my new employers' scheme (I'm assuming here that all schemes charge a fee that is a %age of your total pot each year ?) . Is there anything else I should consider ?
eg:
- I assume the options available for getting my money out on retirement are the same for a PRB and a company scheme ?
- Is there any inherent advantage/disadvantage to not having all your pension pot in one scheme ?
- Any other factors ?
Thanks ,
Usjes.
I was made redundant last year and my pension pot was transferred to a PRB when my former employer wound up the company pension scheme. I am now with a new company and I am wondering what are the pros/cons of either keeping the old pension in the PRB or transferring it to my new employers' scheme ?
From what little details I have of the PRB it looks similar to a pension scheme, ie. I pay an annual %age management charge and my pot is invested in various funds until I retire. So in principle the only deciding factor I can think of is the size of the management fee of the PRB relative to the fee for my new employers' scheme (I'm assuming here that all schemes charge a fee that is a %age of your total pot each year ?) . Is there anything else I should consider ?
eg:
- I assume the options available for getting my money out on retirement are the same for a PRB and a company scheme ?
- Is there any inherent advantage/disadvantage to not having all your pension pot in one scheme ?
- Any other factors ?
Thanks ,
Usjes.