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Question about private pension, then group scheme

  • 22-03-2013 5:13pm
    #1
    joker77
    Registered Users, Registered Users 2 Posts: 4,111 ✭✭✭


    I'll start by saying I really should know more about this... but I've a mental block against this kind of stuff.

    I had a private pension for a few years with Eagle Star (now Zurich?), that was put on hold when I joined my current employer's group scheme. That is also now on hold because I can't afford to pay into it at the moment.

    I'm looking to find out what happens when I leave my current job, and start a new one with probably another new employer group scheme?

    I've 2 on hold, another 1 going?

    (I'm expecting to be told to just read up on the pensions I have)

    Thanks anyway


Comments

  • #2
    Neo7
    Registered Users, Registered Users 2 Posts: 24 ✭Neo7


    Hi, you can transfer your old pensions into the current one and keep them all together. You can also leave them separate and when you reach retirement age you can take the benefits from each each one of them. Important note- you can not transfer personal pension plan into occupational pension plan but you can transfer PRSA into occupational (group employers) pension plan. I am not sure exactly what type of pension is the one you have with Zurich. I hope this helps.


  • #3
    coylemj
    Registered Users, Registered Users 2 Posts: 25,624 ✭✭✭✭coylemj


    OP, you can probably minimize the admin/management charges by merging your own money into the company plan when you move employer.

    As long as the scheme is Defined Contribution (DC) which almost every private pension scheme is these days, the employer shouldn't have a problem with this arrangement. It will allow you to have a single view of money much money you've accumulated and moving it will be relatively simple when you change job.

    I'd try to make some contribution to the pension when in employment, the employer will typically match your contribution up to a certain % of your salary, you're missing out big time by not contributing.


  • #4
    joker77
    Registered Users, Registered Users 2 Posts: 4,111 ✭✭✭joker77


    coylemj wrote: »
    OP, you can probably minimize the admin/management charges by merging your own money into the company plan when you move employer.

    As long as the scheme is Defined Contribution (DC) which almost every private pension scheme is these days, the employer shouldn't have a problem with this arrangement. It will allow you to have a single view of money much money you've accumulated and moving it will be relatively simple when you change job.

    I'd try to make some contribution to the pension when in employment, the employer will typically match your contribution up to a certain % of your salary, you're missing out big time by not contributing.
    Thanks.

    I had an employer contribution - that was cut a few years ago and they will not reinstate it unfortunately.

    I'll get mine going again next year, can't afford it this year


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