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Transferring pension, leaving service options

  • 04-01-2018 4:07pm
    #1
    CGI_3
    Registered Users Posts: 299 ✭✭


    Are there any pitfalls to be aware of when transferring the funds of an old occupational pension to that of a new employer?

    Old employer has long since wound up, and I get statements from a the provider, (Zurich) via broker, so all is in order with the 'older' pension. Management fee is .75% and fund performance seems normal.

    New employer (I've been with over 4 years), happy enough with also, and have been maxing my AVC's when possible. Regular statements, all good. Fund with Irish Life, management fee .55%

    In terms of funds / risk / returns, both appear similar, and I'm happy with the level of risk given my age, so not concerned about this.

    Just need to know what questions I should be asking the broker about the 'old' pension in terms of possible costs I could be hit with. (What can they legitimately charge)

    There's no charge on the transfer to the newer fund. Just 100% allocation, just like my AVC's to date.

    Reason I'm doing this is to reduce fees, and to tidy up my affairs.

    I also have a PRSA from 10 years of self employment, but appears there's no options to due anything with this regarding transfer. (former Quinn Life product)

    Thanks


Comments

  • #2
    donkey balls
    Registered Users, Registered Users 2 Posts: 3,486 ✭✭✭donkey balls


    I am in a similar situation like yourself I have two pensions one from a former employer and the current one from my new employer both are with the same pension provider, If I was to move my old one pension into the new one it means that the funds from it I can not access till my retirement.
    Were as if I leave them separate I can access the old pension from 50 years of age onwards, Even though I am paying fees on both schemes at the moment I am happy to leave it as it is.


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