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Pension from Old Job. How to get it into new job

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  • 28-02-2014 10:10am
    #1
    veryangryman
    Registered Users Posts: 5,574 ✭✭✭


    I've got an old pension from a former job (with Eagle Star) and want to ensure that the balance gets transferred for the new crowd (Mercer).

    What needs doing on my side to do this? Is there a uniform way or does it depend on the company?

    Just wary that as the years go by, the records of contributions might get "lost" as seems to be possible in this country. Its probably only about a grand but feckit, ill miss it when im a grumpy old man :pac:


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    #2
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,711 Mod ✭✭✭✭Henry Ford III


    You should have been given a "leaving options" letter from your old employer. Fill this and a new application form from your new employer.


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    #3
    clint_silver
    Registered Users Posts: 2,899 ✭✭✭clint_silver


    Henry Ford III wrote: »
    You should have been given a "leaving options" letter from your old employer. Fill this and a new application form from your new employer.

    Yep!.


    contact eagle star, youll probably just need name, address, dob and pps, theyll send you out a status report with that moving option, you give it to mercer and send a copy to eagle star I think, mercer ring eagle star and say send it over. you have to do very little other than that

    You dont have to move you know say mercer charge .4% management fees but eagle star charge .35% and theyre both showing growth at an average of 4% for the same managed fund, why move? review the fees and the performance.


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    #4
    veryangryman
    Registered Users Posts: 5,574 ✭✭✭veryangryman


    clint_silver wrote: »
    Yep!.


    contact eagle star, youll probably just need name, address, dob and pps, theyll send you out a status report with that moving option, you give it to mercer and send a copy to eagle star I think, mercer ring eagle star and say send it over. you have to do very little other than that

    You dont have to move you know say mercer charge .4% management fees but eagle star charge .35% and theyre both showing growth at an average of 4% for the same managed fund, why move? review the fees and the performance.

    Thanks for the advice. So is it true that i could just do nothing now and get it from the old crowd when i turn 65 (or whatever retirement age)


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    #5
    clint_silver
    Registered Users Posts: 2,899 ✭✭✭clint_silver


    veryangryman wrote: »
    Thanks for the advice. So is it true that i could just do nothing now and get it from the old crowd when i turn 65 (or whatever retirement age)

    thats exactly the way it works as long as the schemes are pension approved which mercer and eagle star are. (or should be if they know what theyre doing)

    so on your retirement you pool the pots from all your various pensions and for your total and put into draw down fund or buy an annuity. mercer or eagle star will advise you there.

    definitely get the status report from both to see how they compare for the fund performances and fees to make your own mind up though.

    when you get the reports, the last few years have been pretty volatile so 2008 seen most pensions take a drop due to crash but then you might see something like growth of 11%, 16%, 3%, 8% year on year since then, compare the averages for the same type of fund.
    If youre older, you may have moved in the meantime so make sure youre looking at like for like. safer funds with bigger bonds and cash percentages will show you lower growth but would be because theyre more consistent.


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