Transferring pensions from RM to a final salary scheme new employer.

[NWpostie]

As per the heading I've been eyeing up a role that has a final salary pension, has anyone ever done this ?

Part of my pension is final salary and the rest is career average, how they fit with a new employer scheme which is final salary.

[RobertT]

Firstly I would say you're doing well to potentially get yourself an FS scheme, as the vast majority have closed to existing members let alone new entrants.

If you transfer, your RM pension will buy you a certain amount of pension in your new scheme, so you have to work out whether you'll get more or less by doing so. I'm not sure of the exact process, but I assume the new scheme would provide figures?

Other obvious things to look out for are:

Does the new scheme actually allow transfers in.
The NRA – giving up one of 60 in favour of 65 or higher wouldn't be a wise move.
Reductions for early access and any deductions when you reach state pension age, which some schemes do!
The annual increase – RPI or CPI. Some are capped at 2.5%.
What happens to the DBCBS – can you transfer it and does it buy more pension or something else?
Does the new scheme accept / provide AVC's and how are they integrated - some only allow 25% of them to be taken tax free.