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Transfer to Pension Retirement Bond?

  • 29-07-2016 8:07pm
    #1
    mhtc
    Registered Users, Registered Users 2 Posts: 95 ✭✭


    Hi,

    Just looking for some advice please. I had a defined contribution pension scheme with a previous employer and left the company over a year ago. The agent who set up the pension has advised me to transfer my current fund to a Pension Retirement Bond as it gives me complete control over it (and removes any control from the previous employer). I know I can also leave it as it currently is. I don't know a whole lot about pensions and I'm just wondering if there is benefit to doing as he says?

    Thanks
    Tagged:


Comments

  • #2
    Merowig
    Registered Users, Registered Users 2 Posts: 413 ✭✭Merowig


    In most cases if you leave it with the DC scheme the employer continues to pay the charges.

    You can run into troubles with a PRB to buy an annuity if you emigrate to another country before taking the pension.


  • #3
    mhtc
    Registered Users, Registered Users 2 Posts: 95 ✭✭mhtc


    Merowig wrote: »
    In most cases if you leave it with the DC scheme the employer continues to pay the charges.

    You can run into troubles with a PRB to buy an annuity if you emigrate to another country before taking the pension.

    Thank you for your reply. That's interesting about the charges, I must check that out.


  • #4
    Merowig
    Registered Users, Registered Users 2 Posts: 413 ✭✭Merowig


    Even if you pay charges for the DC scheme they are often lower than something you can get on the market because of buying power of the employer


  • #5
    mbradso2003
    Closed Accounts Posts: 261 ✭✭mbradso2003


    There is no problem purchasing an annuity from PRB.

    MHTC is correct charges tend to be lower in DC scheme so weigh this up. Broker is correct in saying it is in your own name but employer sponsored scheme would have Trustee/s who should be acting in members interest where PRB doesn't.

    Main question is why is broker advising a transfer to PRB from DC Scheme. Have you asked this? There tend to be commission paid on transfers to PRB I'd hope thjis isnt reason but can be.


  • #6
    Merowig
    Registered Users, Registered Users 2 Posts: 413 ✭✭Merowig


    mbradso2003 wrote: »
    There is no problem purchasing an annuity from PRB.
    As said in case you emigrate and are not a resident of Ireland you can have apparently problems


    http://www.askaboutmoney.com/threads/cannot-buy-irish-annuity-because-i%E2%80%99m-non-resident.198468/


    I agree with you on the other point - most likely there is comission involved here


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