I recently took out a PRSA.
One of my motivations was to consolidate the benefits from two previous employer's schemes, both defined contribution. I left both years ago. One is valued at about €5k, the other about €50k.
My understanding was that I could transfer the benefit of both into a PRSA, and indeed from all I've read, I can.
However, there seems to be a catch: for amounts of over €10k my understanding is that there's a number of requirements, including a statement to be prepared comparing the schemes and why it might or might not be in my interests to transfer. The catch seems to be that noone seems prepared to produce this documentation.
I'm being given all sorts of stories, about professional imdemnity cover etc. However, I know what I'm doing (I think!) and would be quite happy to proceed even if the comparison statement said it wasn't in my interest to transfer.
My question is whether there's any way the transfer can me made, and if so how?
One of my motivations was to consolidate the benefits from two previous employer's schemes, both defined contribution. I left both years ago. One is valued at about €5k, the other about €50k.
My understanding was that I could transfer the benefit of both into a PRSA, and indeed from all I've read, I can.
However, there seems to be a catch: for amounts of over €10k my understanding is that there's a number of requirements, including a statement to be prepared comparing the schemes and why it might or might not be in my interests to transfer. The catch seems to be that noone seems prepared to produce this documentation.
I'm being given all sorts of stories, about professional imdemnity cover etc. However, I know what I'm doing (I think!) and would be quite happy to proceed even if the comparison statement said it wasn't in my interest to transfer.
My question is whether there's any way the transfer can me made, and if so how?