I have an old pension scheme, but have now joined a new one.
Should I move the old one to bulk up the new fund, in order to increase the 25% retirement lump sum value in the future? Also to have only one set of levies, management fees etc.
Or should I leave it where it is for risk/ diversity or any other reason? Both funds very solid. Advise appreciated
You really need professional advice in this. It depends on the value of your current fund; your age; the solvency of your DB pension fund and the solvency of your DB employer. You only have the one shot!
The critical issue is whether you are transferring out of a DB or a DC Scheme.
If it’s DC to DC then it really just comes down to fund charges , assuming a good choice of funds in the new scheme.
If it’s DB to DC then it’s more complicated, as Ravima pointed out.
Moving the benefits into your current scheme will not change your 25% lump sum figure. If you hold two DC schemes, you can take 25% of each on retirement. So moving them into one arrangement will not change the figure much.