Pension advice please (UK).?

My present employer offers a final salary pension scheme, which I contribute to. My last employer ran a pension scheme, which they (the employer) contributed to, but I chose not to as I knew I wouldn't be there long. Anyway it now stands as having 拢4300 in the fund, what I would like to know is, should I transfer this to my present employers scheme or leave it where it is and take (what I know will be a small amount) on retirement? Thanks.

General response to 'ask professional advice' .. however the COST of that advise is likely to be excessive ...

What you should already have from your old scheme is a 'projected pension value at 65'

What you also need to know, is the Transfer value (how much will they give you to transfer into the new scheme).

Once you have the Transfer value, ask you present employers Pension Fund to calculate what pension THEY think this will buy at 65 (i.e. get them to do a 'projected pension value at 65' for theTransfered fuunds ONLY).

In both cases you need to know any ASSUMPTIONS that might have been made (for example, a lot of Transfers will be into a 'Money Purcashe' fund - very few will add the Transfer to the Final Salary pot - so to calc. projected pension they will have to make some assumption about stock market growth)

With this info. I suggest you then ask your current Employer if you can speak to the Pension Trustees = they should be able to assist you in deciding wether to Tranfer or not.

NB. You might also need to consider how stable the old and new company schemes are. i.e. what's the chance they go bust and leave you with less that the 'projected' value ??

Very important to get this right. Seek independent advice. The Bradford and Bingley give this and are obliged to give you the best advice. You can get a free interview by appointment at any branch.

This is an area where you really need professional advice - not advice from a bunch of think-they-know-it-alls (but in reality haven't got a clue) on a site like this.