Pension Transfers

You could transfer some or all of your pots to a different provider if:

• your current provider doesn’t offer you the type of pension arrangement you want
• you want to combine your pots to simplify your pension arrangements
• you want to pay less in fees, charges & commissions
• you want access to a wider variety of fund choice options
• you want to achieve a higher income in the future from your pension
• you want to avail of different retirement options that may not be offered (see Defined Benefit options)
• you are returning home from overseas
• you are moving abroad and you want to move your pension to a scheme in that country

Over the course of a lifetime, it is increasingly likely that you will have paid into more than one type of Pension arrangement.

• If you have been self-employed or in non-pensionable employment you may have paid into a Personal Pension Plan (PPP) or a Personal Retirement Savings account (PRSA).
• If you have been in employment you may have paid into one or more ‘defined contribution’ or ‘defined benefit’ pensions- if you’ve had more than one job.

• Reduced fee’s, charges & commissions
• Ease of administration with just one Pension Provider
• Greater fund options and flexibility
• Greater tax-free cash amounts
• Earlier access to benefits (from age 50 onwards)

Before making a decision in relation to combining your Pension Pots we heavily recommend that you speak to one of our qualified advisors or contact us to make an appointment. We will need to speak to each provider separately in order to ensure it makes financial sense to amalgamate your Pensions. We will clarify –

• If any fees, charges or penalties will apply to any transfer out
• If you will lose any special features like bonuses, guaranteed annuity rates etc.
• Ensure any transfer will not negatively impact on when you can draw down your benefits
• Ensure any transfer will not adversely affect your tax-free cash entitlements

This can be a very difficult process for most individuals that are not familiar with the Pensions Industry or its workings. We recommend that you speak to one of our qualified specialists before making any decisions. This service is provided free of charge with no obligation.

1. Will they allow a transfer? Current Pensions Legislation restrict certain types of transfer payments.
2. What exactly is the current transfer value? There can be differences between the current value of your pension & the current transfer value. This difference normally represents an exit charge or penalty.
3. Will I lose the right to take out my money at a certain age? Certain Pension Plans only benefit drawdown at a certain age or ‘normal retirement age’, other arrangements can allow you access your benefits from age 50 onwards. Depending on when you want you want to drawdown we can advise on the correct type of product to suit your needs.
4. Will I lose any special features or benefits? Some older Pension plans may have certain benefits in built like bonus payments or enhanced/guaranteed annuity rates attached. We will ensure that you are not in any danger of forfeiting these benefits before initiating any transfer.
5. Will I lose the right to take a tax-free lump sum? Generally speaking there are two ways of taking retirement benefits, either the ‘salary & service’ route or the ‘25% Tax Free Cash & A(M)RF’ route. Depending on an individual’s personal circumstances the difference can be significant. We will calculate your benefits based on each option so you are fully informed.

Before making a decision in relation to combining your pensions we recommend that you speak to one of our qualified advisors you can contact us to make an appointment. We will need to speak to each provider separately in order to ensure it makes financial sense to amalgamate your pensions. We will clarify

• If any fees, charges or penalties will apply to any transfer out
• If you will lose any special features like bonuses, guaranteed annuity rates etc.
• Ensure any transfer will not negatively impact on when you can draw down your benefits
• Ensure any transfer will not adversely affect your tax-free cash entitlements