Transferring Pension question

My husband worked for Hewlett-Packard for 10 years from 1996 to 2006. He is working for Johnson & Johnson since.

He has a pension from HP managed by Mercer. His current pension manager is also Mercer. Is it a good idea to transfer the pension from Hewlett-Packard into his J&J pension, as an AVC to combine the two and tidy up affairs. He is currently 52 years old.

Depends on charges but presuming they’re pretty comparable for two such large schemes, then it’s generally better to keep them separate as he’ll have more options about when to retire each scheme.

OrlaM said:

combine the two and tidy up affairs

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What is the problem with keeping them separate? As @conor_mc mentions, keeping the status quo may give additional flexibility when it comes to accessing retirement benefits. E.g.being able to retire the pensions at separate times rather than it being a one time only all or nothing event.

Agree with previous posters that he should keep them separate. Assuming that his HP pension is still in the company's pension scheme, I would recommend moving it to a personal retirement bond (PRB). That gives him a chance to shop around for better rates. More importantly, IMHO, it means that he will no longer be dependent on the pension trustees (e.g. if he wants to draw down the pension money early).