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Private Pension

  • 23-02-2017 1:28pm
    #1
    StarBright01
    Registered Users, Registered Users 2 Posts: 731 ✭✭✭


    Just wondering if there are any benefits in merging two private pensions? I had a pension with my former employer and since I've left and started work with another company they have s pension with another company.
    So now I've two separate pensions (only paying into one)

    Is there any benefits in merging them??


Comments

  • #2
    lawred2
    Registered Users, Registered Users 2 Posts: 24,560 ✭✭✭✭lawred2


    StarBright01 wrote: »
    Just wondering if there are any benefits in merging two private pensions? I had a pension with my former employer and since I've left and started work with another company they have s pension with another company.
    So now I've two separate pensions (only paying into one)

    Is there any benefits in merging them??

    Is merging occupational pensions even possible?


  • #3
    StarBright01
    Registered Users, Registered Users 2 Posts: 731 ✭✭✭StarBright01


    lawred2 wrote: »
    Is merging occupational pensions even possible?

    Don't have a clue to be honest I thought I heard of one person doing it before. So one is with Zurich I think, can't remember off the top of my head which is the other


  • #4
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,860 Mod ✭✭✭✭Henry Ford III


    lawred2 wrote: »
    Is merging occupational pensions even possible?

    Yes it is.

    The benefits might be less hassle and a small reduction in overall costs.


  • #5
    StarBright01
    Registered Users, Registered Users 2 Posts: 731 ✭✭✭StarBright01


    Henry Ford III wrote: »
    Yes it is.

    The benefits might be less hassle and a small reduction in overall costs.

    Thanks a million, will look into it


  • #6
    cooperguy
    Registered Users, Registered Users 2 Posts: 2,650 ✭✭✭cooperguy


    Take a look at the fees related to your old pension plan. If they are higher than your current pension plan then you would save money merging them.


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  • #7
    Merowig
    Registered Users, Registered Users 2 Posts: 413 ✭✭Merowig


    Cooperguy is right - if the fees are the same or roughly the same I personally would not merge them as

    - you can then retire your different funds at different ages
    - portfolio diversification - pension scheme 1 might offer other pension funds than pension scheme 2

    For above reasons I am not merging mines.


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