Moving company pension to PRSA

Cristianc

Helli everyone. I'm changing jobs from an old employer which provides a company pension (where I contribute 5% and they 10%) to a new employer which provides a PRSA pension (they contribute 5%).

Can I transfer from the private pension to the PRSA?
I've been employed for less than 2 years. I believe, the old employee gets to keep their contributions if I leave, unless I move the pension with the new employer. Is this correct?

Can I transfer? Should I?

colm_c

Yes you can transfer it.

The 2 year clause means you will just get what you put in + interest.

Usually the old company pension provider will send you a letter and give you options, for withdrawal, transferring or keeping.

IMO, better to have all your pensions in one account like a PRSA, that is tied to you, not your employer.

Also, don't settle for any random PRSA, do your homework and find one with low fees.

Merowig

I would keep the pension where it is - especially if the employer continues to cover the administration fees.
If not the administration fees are likely still to be lower than the 1% with a PRSA.
Also you can vest this fund then at a different time than any future pension funds/ PRSAs


The old employer can recoup their contributions regardless if you move the fund or not if you stayed for less than two years.

Cristianc

Merowig wrote: »

I would keep the pension where it is - especially if the employer continues to cover the administration fees.
If not the administration fees are likely still to be lower than the 1% with a PRSA.
Also you can vest this fund then at a different time than any future pension funds/ PRSAs


The old employer can recoup their contributions regardless if you move the fund or not if you stayed for less than two years.

So there is no way for me to keep employer's contributions if I've been workingfl for less than 2 years?

colm_c

Cristianc wrote: »

So there is no way for me to keep employer's contributions if I've been workingfl for less than 2 years?

No way out of it, if it's in your contract.

It's a way to try to stop people leaving, although usually a pension is not the deciding factor.

Henry Ford III

Old employer can allow vested rights before 2 years scheme service at their discretion. The value of their contributions may not be lost

Your leaving service letter will detail all your options O.P.

p.s. Get professional advice on this.