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    I am 29 years old, would it be worth me considering transferring my pension elsewhere or leave it as is?

    17 August 2022

    Question by Jack

    I have been in the civil service for 7 years and now moving to the private sector. I am 29 years old, would it be worth me considering transferring my pension elsewhere or leave it as is?

    Answered by Boring Money

    Hi Jack,

    It's likely the civil service pension will have many guarantees that would be of valuable benefit to you in later life (i.e. from a defined benefit pension) and therefore it would not be likely that transferring away (which may not be possible) would be in your best interest.

    The private sector is not likely to offer such a valuable pension, but this pension would likely be more flexible (i.e. defined contribution). If in the future you have collected several defined contribution pensions, these could be transferred into one, if you wished.

    At retirement, having a combination of both defined benefit and defined contribution pensions, alongside your State Pension, could help you create some strong foundations for a retirement.

    Best regards

    Answered by

    Boring Money

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    Boring Money Ltd is a limited company registered in England and Wales under registration number 09459832 and we have our registered office at 10 Lower Thames Street, London, England, EC3R 6AF.