Is it beneficial for me to transfer my private pension into my civil service pension?
12 May 2022
Question by Azuka
Hello Is it beneficial for me to transfer my private pension into my civil service pension?
Answered by Boring Money
The Civil Service pension scheme is a very good pension and is what is known as a Defined Benefit pension i.e. it will pay out a defined amount when you get to retirement age.
A private pension is usually a Defined Contribution pension i.e. what you contribute is defined, but what it pays out at retirement is uncertain.
Therefore, if allowed, it is often beneficial to transfer a private pension into a Civil Service pension.
However, before doing so, you should look at the specifics of your private pension and what you are being offered by the Civil Service pension to determine if it is actually the best thing for you.
If you are unsure, the best thing to do is to speak to an expert.
I hope that helps!
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Chartered Financial Planner