Transfer pension, or cash out?

[Shay HTFC]

My ex-employer has sent me a letter giving me two options as to what I can do with my pension contributions that I gained whilst working for them.

Option A is that I take a cash lump sum which comes out to £480 and option B is that I get a "Cash Equivalent Transfer Value" form and transfer it to my next pension fund and that would be worth £1830.

At first it sounds obvious as to which option I should choose, but I'm not sure if I will be getting a new pension plan any time soon and I have no idea about what the whole transfer thing means. Is the liquid worth of that £1830 better than the £480. What are my options for the £1830?

I'd appreciate anyone that could give a brief overview as to what the pension transfer option is all about and whether it would be worth just cashing out for the smaller amount (I may not get another job in the UK for a good few years if that makes any difference)

[ringram]

If you need the money to survive then you have your answer.
Otherwise best to transfer IMO. You can open a SIPP with a provider and transfer it in.
You will want a pension one day. The current situation is pretty dire for future pensions.