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Old Pension Query

  • 05-04-2018 10:44am
    #1
    Kintarō Hattori
    Registered Users, Registered Users 2 Posts: 15,039 ✭✭✭✭


    Hi Folks,

    I had some money put into a pension scheme in a previous job I was working in. Having been out of that role for a few years now and in my current one I was thinking about moving the money from the old pension scheme into the current one I contribute into and which will be the one I always use from now on. I know absolutely nothing about pensions so was hoping I may be able to ask a question of two.

    Can you move funds from one pension account into another- are there typically penalties for this?

    Can I move some into the new pension fund and some into my bank account? Again, are there penalties?

    I know more details might be needed- what sort of details do I need to look out for. The old scheme was run by Aviva on behalf of my previous employer.


Comments

  • #2
    Heres Johnny
    Closed Accounts Posts: 2,738 ✭✭✭Heres Johnny


    If they are both workplace pensions and defined contribution then yes you can move one to the other. Might not be penalties but there will be a charge from the company you are moving it to. This could be offset by lower future charges due to having just 1 account.

    You can't cash them in to your bank account unless there were less than 2 years contribution and it will be taxed.

    Get on to representative of current scheme and have a chat they'll be delighted to chat to you.


  • #3
    Value Investor
    Registered Users, Registered Users 2 Posts: 3 ✭Value Investor


    You should contact the Pensions Authority if you have difficulty.


  • #4
    Heres Johnny
    Closed Accounts Posts: 2,738 ✭✭✭Heres Johnny


    Value Investor wrote: »
    You should contact the Pensions Authority if you have difficulty.

    The pensions authority don't give advice to people about how to manage their pensions. They'd be no use here.


  • #5
    hubba
    Registered Users, Registered Users 2 Posts: 376 ✭✭hubba


    As far as I know, there can be a benefit of keeping them separate - for example you can draw one down early while leaving the other one until full retirement age. Or even if you don't do that, you can transfer the old one into a buy out bond which would be in your own name giving you full control over it. There is more protection in this situation too since you don't have all your eggs in one basket.

    You are wise to seek advice. Do nothing until you know what you are doing is my advice. Read up on it and don't do anything rash.


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