Pension - whether to transfer or not

JackieO

I have recently moved jobs and need to decide what to do with the pension from my old employment.

I can't transfer it to my new company plan as I'm not eliegible for this at the moment.

So my options are to:

A). Transfer to a Pension Transfer Bond,

. Transfer to a PRSA,

or

C). Leave it where it is for the moment (this is the option I'm veering towards).

But to be honest, I don't really understand the various options and would appreciate any advice.

stepbar

JackieO wrote: »

I have recently moved jobs and need to decide what to do with the pension from my old employment.

I can't transfer it to my new company plan as I'm not eliegible for this at the moment.

So my options are to:

A). Transfer to a Pension Transfer Bond,

. Transfer to a PRSA,

or

C). Leave it where it is for the moment (this is the option I'm veering towards).

But to be honest, I don't really understand the various options and would appreciate any advice.

Is it a Defined Benefit or Contribution pension?

JackieO

Its a defined contribution plan.

broker2008

Assuming that you are soon to be eligible to join scheme that is one option or if you are unsure as to whether you will be staying in the new company, the prsa may be more flexible - Im assuming that you have less than 10 years service in your last job. Just make sure that you don't take back your own contributions less tax as it would be like throwing away your savings. Make sure it is invested in something similar to what it has been invested in as the fund is bound to have fallen a fair bit recently.

JackieO

The plan in my new company is DB, so don't know if its possible (or practical) to transfer the proceeds of a DC scheme into it. Maybe I then need to go with the PRSA option???

broker2008

PRSA or Personal Retirement Bond then.

245

You probably have an AVC option with your new company. See what the charging structure is like.