Hello
I am now 36, but don't intend staying with my current employer until retirement.
Thanks very much.
Basically you need to know what the final benefits would be from each scheme and compare these with what a transfer into the new scheme would provide. You have to ask the old schemes for a transfer value and the new scheme for a statement of benefits that would be bought with those values.
Rob Graham
recently
Should
Probably not then. A transfer into your final salary scheme would exchange a cash sum (even in 1. I guess) for a number of years/months. This will be calculated based on assumptions about future earnings increases etc.
If you leave a final salary scheme early you usually get a deferred pension which only increases in line with inflation, and often capped (eg RPI or 3% if RPI is more), rather than increasing with your earnings.
So the assumptions they make when converting the cash sum into years & months (perhaps that you stay till 60 and get rises at inflation plus
1%), may underestimate the number of years & months you get to give you an equivalent pension.The only way to tell is to ask them for a transfer quote and do some heavy calculating based on a number of different potential scenarios.
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