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If i worked at a previous employer that had a final salary pension scheme and i was only there for 7 years, is it worth transferrring? i was always told no
If i worked at a previous employer that had a final salary pension scheme and i was only there for 7 years, is it worth transferrring? i was always told no
honestly, whoever told you no is spot on. Final salary pensions are basically gold dust because they guarantee you a set income for life, even for just 7 years of work. I’d 100% leave it exactly where it is!
General rule is always keep a final salary pension - the guaranteed income for life is really hard to beat. 7 years still builds up a decent deferred benefit worth holding onto. That said it’s not always black and white - things like your health, the employer’s financial strength or a high transfer value can change the picture. Either way if the pot’s over £30k you legally need to see a financial adviser before transferring anyway. Do you know what the annual pension amount is or what transfer value they’ve quoted you?
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