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Transfer my pension to my Mam's, possible?

  • 31-12-2016 10:34pm
    #1
    arccosh
    Closed Accounts Posts: 624 ✭✭✭


    Hey guys, first of I dunno if this is possible, but hopefully it can.
    I have about 10,000 eur in a DC pension from a company I was with in Ireland. I haven't been able to transfer to my UK pension for various reasons.
    Recently, while talking to my Mam, I found out she's about 4,000 eur deficit on her pension (I'm presuming it's a DB scheme).
    Is it possible to transfer my pension funds to my mothers? (Both Irish schemes, and possibly same company also, but one is DC, the other DB)


Comments

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


    No, it is not possible afaik.
    The pension is in your name. The only possibility of a "transfer" to someone else are pension adjustment orders by a court in connection with a divorce.
    See as well
    http://www.pensionsauthority.ie/en/LifeCycle/Information_Booklets/A_brief_guide_to_the_pension_provisions_of_the_Family_Law_Acts111.10512.shortcut.pdf

    In case you die before taking the pension, your pension fund will become part of the estate and your mother can inherit it.
    Otherwise I am not aware of any other possibility.


  • #3
    coylemj
    Registered Users, Registered Users 2 Posts: 25,622 ✭✭✭✭coylemj


    arccosh wrote: »
    Recently, while talking to my Mam, I found out she's about 4,000 eur deficit on her pension (I'm presuming it's a DB scheme).

    Is she in a public sector scheme where it's possible to purchase years of service? If not then where did the figure of €4,000 come from? If it's a private sector DB scheme then it's virtually certain that she will not be allowed to purchase service so more likely that she's in a DC scheme.

    Either way, you cannot transfer from your fund to hers. She could consider putting money to her fund via AVC.


  • #4
    arccosh
    Closed Accounts Posts: 624 ✭✭✭arccosh


    AVC is what she is doing. I'm not 100% sure of her scheme, so I don't know how they came to the deficit amount... thanks for the info though, was just hoping to help her get out of a bit of a hole with cash I can't go near or possibly won't be topping up.


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