How do I find out whether it would be a good idea to transfer my pension?

If you have a 'money purchase' pension, the main question is likely to be whether you will pay less in charges if you transfer.

If you have a salary-related pension, you may not have too many options, as your new employer's scheme may not allow you to bring a transfer in, or may allow it only on a money purchase basis. It's unlikely to be a good idea to convert a salary-related pension into a money purchase one.

If you are offered the option of a transfer, you should probably take financial advice before you make your decision.

Be very careful of anyone offering you the option of getting cash out of your pension before your retirement: you can read more about this on the Pensions Regulator website.

Note: This content is provided as general background information and should not be taken as legal advice or financial advice for your particular situation. Make sure to get individual advice on your case from your union, a source on our free help page or an independent financial advisor before taking any action.

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