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Pension- New Job

  • 09-03-2020 9:32am
    #1
    regularjoe_12
    Registered Users, Registered Users 2 Posts: 12 ✭


    Looking for brief advice:

    28yo, started a new job with new DC pension with very favorable company contributions (~500 per month total contributions from me &employer which will increase if i increase my contributions- i haven't done this as I'm saving for mortgage at the moment).

    I have an old pension fund from previous job (valued at 28k).
    I understand my options are to keep this in current fund or transfer to new fund.

    Looking for advice in general which could be most favorable option, or is it worth paying an adviser?

    Many thanks


Comments

  • #2
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,858 Mod ✭✭✭✭Henry Ford III


    Get proper advice. Shouldn't be too expensive either. There may be a 3rd option too btw.


  • #3
    regularjoe_12
    Registered Users, Registered Users 2 Posts: 12 ✭regularjoe_12


    Thank you, tbh i thought that due my age and the amount being so small (in grand scheme of pensions!) that it wouldn't be worth going to an adviser... but look if its worth ill do that!

    Cheers


  • #4
    Wuff Wuff
    Closed Accounts Posts: 1,429 ✭✭✭Wuff Wuff


    does your employer have a benefits consultant or pension administration team you could contact for advise?


  • #5
    regularjoe_12
    Registered Users, Registered Users 2 Posts: 12 ✭regularjoe_12


    Wuff Wuff wrote: »
    does your employer have a benefits consultant or pension administration team you could contact for advise?

    Not that i am aware of. I had asked my previous company (which was run by Aon).


  • #6
    Alkers
    Registered Users, Registered Users 2 Posts: 6,908 ✭✭✭Alkers


    As far as I'm aware, keeping the two funds separate will allow you more options when you do retire as you can decide what to do with each separately (annuity, ARF etc) whereas if they're pooled you only have one choice. This gives you more flexibility.

    If you are considering moving from the job you're now in within the next two years, if you have less than two years contributions to the scheme when leaving, they are entitled to take back their employer contributions. If you transfer across the balance from your existing pot, this entitlement disappears as your service is considered transferred also.

    You should obviously compare the charges and each to inform whether you would be better of switching or not but I wouldn't think you need professional advice in this situation, especially from the advisor in your company as they will just tell you to switch to their product.

    If your employer will increase their contributions when you increase yours, you should do this as a priority as soon as you can afford to - it's essentially free money.


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