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Private Pension

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  • 13-05-2009 4:36pm
    #1
    steps_3314
    Registered Users Posts: 521 ✭✭✭


    Hi, i have a private pension which i pay in to monthly.

    However i also have my work pension which my job contributes into.

    If i wanted to cancel my private pension do i lose all my previous contributions or is there some way to transfer them to some other form of investment.

    Any advice appreciated.


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    #2
    ferga_com
    Closed Accounts Posts: 159 ✭✭ferga_com


    What type of private pension is it? PRSA? AVC PRSA? Personal Pension? Do you have separate income outide of your job?

    If you cease contributions, the value of your private pension will continue to be invested for you and you can draw on it when you retire. There may be options to transfer it to another form of pension, but that depends on the type of plan it is.


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    #3
    steps_3314
    Registered Users Posts: 521 ✭✭✭steps_3314


    Its a personal pension.

    So i did not know it would continue to be invested even if i stopped payments.

    For now i am reducing my contributions to weigh up all my options.

    Dont really want two pensions especially with all the negative publicity surrounding them lately.

    Thanks for your response.


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    #4
    ferga_com
    Closed Accounts Posts: 159 ✭✭ferga_com


    Unless you have a separate source of taxable income outside of your job, you are not entitled to claim tax relief on Personal Pension contributions as well as be part of an Occupational Pension Scheme ("Work pension").

    Do you know if the work pension is a PRSA or an Occupational Pension Scheme, with trustees? If it's a PRSA you can claim tax relief on both subject to tax relief limits on overall contributions. If it's an Occupational Pension Scheme, I'd say you should stop contributions to your Personal Pension and consider an AVC or AVC PRSA (additional contributions to the work pension) instead.


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