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scappy pensions-do I amalgamate into a PSRA

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  • 05-03-2010 3:02pm
    #1
    dubbegoode
    Registered Users Posts: 17 ✭


    When working as a PAYE worker I gathered 3 pensions (about 3K, 6K and 1K each). These are now just sitting there. I am now self-employed and I am not contributing to any pension (yet!). I expect to be entering the PAYE arena again before the end of the year.

    I also have a lump sum I would like to invest in some sort of pension not sure how much yet 20-60K

    My question is would it be better merge these all into a PRSA?


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    #2
    Andymfinancial
    Closed Accounts Posts: 60 ✭✭Andymfinancial


    You do not say why you wish to merge them into a PRSA. Also it can be to your advantage by having 3 pensions as you will have 3 different fund managers which helps reduce risks. At retirement you can pool them all together.


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    #3
    dubmick
    Registered Users Posts: 3,922 ✭✭✭dubmick


    dubbegoode wrote: »
    I also have a lump sum I would like to invest in some sort of pension not sure how much yet 20-60K

    unless you can get tax relief on these funds there is no point investing this lump sum in a pension. You will effectively be double taxed.


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