Transfering Pension from UK

C

CKT

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I have a pension worth £2100 STG in Northern Ireland, I was just speaking to the helpdesk and the fella said I have a few options
1). I cannot just take it out now. 2) I can transfer it to my ROI pension. 3). I can leave it and it will be worth £90k when I'm 65. (I told him I am not contributing to it anymore and this must be a mistake, but he said it was right)

Can you comment on this please? What is my best option even if it was not worth a lot when I retire would it be good to leave it there?

I also have another pension from a previous ROI employer which gives me 2 options 1). €1085 pa will be payable as a pension. Or 2). Transfer €2799 to my current pension

Which is the better option?
 
It depends on your situation. If you want to spread the risk it may be worth leaving it in the UK so not all your eggs are in one basket. If you have been with your Irish employer for a short time and you have a occupational pension scheme with them it may be worth transferring because if you leave you employer within 2 years you will probably only be eligible for the employer's contributions (as opposed to your employee contributions) if you have more than 2 years qualifying service - transferring a UK pension can add to your qualifying service years.

Another consideration would be the Sterling to Euro exchange rate which is not great for transferring funds from the UK at the moment.

As your pension is so small it may not be worth the hassle unless you need the qualifying service years.
 
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