You may have pension schemes from previous employment and have been wondering what you should do with them... Transferring an existing pension fund or PRSA into the current employer's pension fund is, in some circumstances, possible. Some factors will dictate whether we can facilitate this or not. It depends on what fund, or type of fund, you're transferring over. In addition, we will also need permission from the scheme administrators to carry this out.
Generally, on what concerns occupational pension schemes in Ireland, when you leave an employer, you receive an ‘Options Letter’ from the pension provider. This letter sets out the options below* and how you can proceed (if you did not receive this letter, contact your previous employer so they can request this from the pension provider on your behalf).
Deferment
Deferment
Your pension funds are left in the scheme of your previous employer. They stay with your old employer's nominated pension provider
Transfer
Transfer
Your funds from your previous employer are transferred to a personal retirement bond.
Transfer to your new employer’s occupational pension
Transfer to your new employer’s occupational pension
Your pensions are consolidated and added to your new employer's occupational pension scheme.
We would always recommend that you get independent financial advice to decide on what to do. However, if you have decided to keep your pensions in one place and you wish to transfer your pension, please contact us via chat or email ([email protected]).
You can also find out more information on transferring pensions here.
* There may be an additional option for people over the age of 50