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New PRSA Pension but changing jobs

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  • 11-12-2014 11:04pm
    #1
    dnme
    Registered Users Posts: 3,411 ✭✭✭


    I just signed up to my employers PRSA scheme two months ago. However I am now moving on and taking up a new job in the new year. My new employer also has a PRSA scheme but its with a different provider and I cannot join it until I have been with them for 6 months.

    What to do?
    Do I keep up payments on the scheme I just joined without any employer contribution?
    Do I just stop, close the existing PRSA and wait until the new scheme becomes available to me?
    What if I decide to move jobs again in the next couple of years ?

    I'd greatly appreciate any advice. Many thanks


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    #2
    SBarrett
    Registered Users Posts: 160 ✭✭SBarrett


    Under PRSA's the value of all the contributions are yours.

    The contribution arrangement will be through your payroll system, so your current job will stop payments and you will have to pay through your own bank account and claim the tax back yourself.

    Your new employer only has to provide a PRSA facility for you. If they already have a provider, they don't have to do it through payroll if you chose another provider.

    You can accumulate a series of PRSA's if you want or you can transfer the amounts into the new arrangement. There are no costs or penalties for doing so.


    Steven


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