I'm about to leave my job which has a 1/80th final salary pension scheme into which I pay 6.35% of my salary, with my employer paying an additional 14%.

I have the option of withdrawing my contributions for the last 2 years (which then become subject to tax), taking deferred benefits (just 2 years service, so I think not much point) or transferring to a new scheme.

My new employers have a hybrid pension, one part being a non-contributory final salary pension and the other a defined benefit scheme, where they will match up to 3% of my salary.

If I want to transfer my current pension to the defined benefit part of my new companies pension how do i calculate how much it is worth? I've read the handbooks of both schemes but it's all a bit vague. Does anyone have any experience of this kind of thing?

Before you act , get your existing scheme to calculate the transfer value, see how it compares to the contributions you have put in you may be suprised, then go and see a parasite, IFA and pay him some money for nothing much.

What is the transfer value exactly?

I know how much I have put in, I know how much my employer has put in, I can calculate roughly the total including interest. What jiggery pokery is then carried out to arrive at a 'transfer value'? What does it actually mean?