Hi,
I joined a company 8 months ago which provides a Defined Benifit pension scheme. I'm 30 years old. I have a fund of 70000 (until a fortnight ago when the markets went down) in a Defined Contrib scheme with my old job.
So I have 35 years to go until retirement.
I have been given the option to leave it there or transfer it to my new employer.
I would like to bring it with me but obviously cannot put it in the new DB fund as that would just be subsidizing my new employer, who has to make up the shortfall come retirement anyway.
Any ideas? Can it go into an AVC fund in my new scheme? With such a long time till retirement is there any point in making AVCs in a DB scheme?
Thanks
I joined a company 8 months ago which provides a Defined Benifit pension scheme. I'm 30 years old. I have a fund of 70000 (until a fortnight ago when the markets went down) in a Defined Contrib scheme with my old job.
So I have 35 years to go until retirement.
I have been given the option to leave it there or transfer it to my new employer.
I would like to bring it with me but obviously cannot put it in the new DB fund as that would just be subsidizing my new employer, who has to make up the shortfall come retirement anyway.
Any ideas? Can it go into an AVC fund in my new scheme? With such a long time till retirement is there any point in making AVCs in a DB scheme?
Thanks