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What to do with my pension?

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  • 17-05-2013 10:37pm
    #1
    roadragedave
    Registered Users Posts: 3 ✭


    Hi folks,

    I recently resigned my job of 8 years and moved to the States.

    I had a pension with my old company and I'm wondering what I should do with it. I'd like to see the value of it rise, but I'm also scared sh*tless that there could be more stock market crashes, or the value of the euro will plummet v the dollar.

    I'm here in the US for the long term, but there is always the possibility of returning to Ireland before I retire.

    I contacted the pension provider and they told me that I cannot move my pension contributions from Ireland to the US, which is fair enough I suppose, and that I have to wait until I'm 50 before I can draw it down (I'm in my early 30s so I'm a long way off).

    She did say that I could move it to a Personal Retirement Bond (PRB) or a Personal Retirement Savings Account (PRSA), or I could just leave it where it is.

    I know that the value of it is down from the total employee + employer contributions, so I imagine leaving it with the pensions provider is probably the only way that I can grow back.

    Any advice on the PRB or PRSA options? What is the safest most secure thing I can put it into that won't be gambled and won't likely be raided by banks or revenue?

    Cheers.


Comments

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    #2
    dave2pvd
    Registered Users Posts: 1,511 ✭✭✭dave2pvd


    I think you're in the wrong forum.


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    #3
    Bren157
    Registered Users Posts: 44 ✭Bren157


    Hi Roadragedave. If you have no guaranteed pension benefit at retirement from the fund, you should transfer it out of your employer and into your own name so you can have some control over the pension company, the fund and its ownership. Suggest you should talk to a qualified and independent financial advisor in Ireland before making a decision.


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