Hi, I have a DB pension from a job I left in 2004. It is a small amount. I was with the company for only 4 years. Should I transfer it to my current employer scheme where my employer pays 11% and I pay 4%.
In order to properly answer your question, you'd need to do a comparison between what you're likely to get if you leave things stand and collect your deferred DB pension at retirement with what you're likely to get if you take the transfer value from the DB scheme and put it into your current employer's DC scheme.
The broker advising you on the current employer's scheme should be able to give you a conservative projection on what your transfer value would be likely to give you if you transfer it. You can compare that with your DB deferred pension. But there are other things to consider. The deferred pension from the DB scheme is guaranteed by the scheme. Putting a transfer value into a DC scheme gives you no guarantees. Values can rise or fall. That said, the DB scheme guarantees are only as valuable as the ability of the DB scheme to pay them. If the DB scheme becomes insolvent or is wound up, the guarantees are worthless.
You'd need more information to be able to compare the two properly and to look at the financial health of the DB scheme.
That said, as a general rule, I'd agree with mtk above. Transfer values offered by DB schemes are usually bad value compared with the deferred pension on offer.