Transfer pension to new place of employment

Paz amor

Registered User
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What is the advantage of transferrign my pension to new place of employment over leaving it where it is? Is it more suitable for soemone who hasnt been working that long?
 
I'm assuming that both schemes were Defined Contribution schemes rather than Defined Benefit.

There's no quick answer to this question. You have to find out the following details about both old and new pension schemes: -
  • Charges being deducted
  • Type of fund in which the scheme invests
  • Penalties (if any) for leaving the old scheme
Then compare old with new. There's obviously a convenience factor in having all your pensions in the one place, but if the new scheme has much higher charges than the old, you might be better off leaving things as they are.
 
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