Stale pensions from previous employers

[gmt]

I have received notification that I must transfer or withdraw my funds in two pensions from previous employers. I don't want to cash them out since I will lose the employer's contributions so that's not a preferred option.

Any recommendations on a nice and easy pension or PRSA plan?

 

[LDFerguson]

If you have less than 15 years' service in each scheme and both schemes are being wound up, then you can transfer both to the one PRSA. The alternatve options are to transfer them to two Buy-Out Bonds or transfer them into the Occupationl Pension Schemes of your current employer (if applicable).

Choice of PRSA (or Buy-Out Bond) will be determined by product charges, amount of transfer value and what sort of fund you're looking for.

Liam D. Ferguson

 

[gmt]

Thanks for your reply. Yes, less than 15 years service in each of them. I am new to this. My preference is to have a produce that is as cost-efficient as possible. I am happy with high-risk as well.

 

[LDFerguson]

In general, you can get lower charges on a Buy-Out Bond than on a PRSA, but you'd need to have two Buy-Out Bonds as there are two employments. You could have one PRSA. So a PRSA would be administratively tidier, but two Buy-Out Bonds would have lower cost.