Add them all together?

Discussion in 'Pensions' started by TallPollins, Mar 14, 2017.

  1. TallPollins

    TallPollins New Member

    Posts:
    1
    Hi,

    I have just moved to the public sector. I'm 38 years old.

    Previous to this i have worked for a few different companies. Including being a director of my own company. I have pension plans with each of these.

    Eg: i have a pension from an american multinational... held with Willis Tower at present. I also have 2 other seperate pension funds with Zurich from previous employers.

    Can i somehow (tax exempt) join these pensions under one plan? Preferably I'd like to have to ability to administer this 'joint' fund myself if allowed.

    Thanks in advance for your help

    TP
     
  2. SBarrett

    SBarrett Frequent Poster

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    2,270
    It's actually pretty difficult to do. You can transfer them to individual Buy Out Bonds and have 3 of them. To have them all together, you have to transfer them to a PRSA. But to do so you have to have a certificate of comparison completed by an actuary that costs €1,200 a pop. If you want to put them in a self administered structure that you have choice of, cheapest and easiest to have 3 Buy Out Bonds.


    Steven
    www.bluewaterfp.ie
     
  3. North Star

    North Star Frequent Poster

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    198
    Hi TallPollins, we have manged to do what you are enquiring about for a couple of clients. Our approach is to transfer in other Occupational Pension benefits into the single occupational pension scheme , currently with Willis Tower. As long as there are no Personal Pensions then you should be able to avoid the certificate of benefits comparison that Steven mentioned. Once amalgamated into that single scheme Occupational Pension you can then transfer into a single Buy Out Bond and can choose whatever option you want there. I have to warn you that this process can take quite a bit of work/effort/time as we are dependant on the Trustees of the scheme held by Willis Tower to facilitate the amalgamation. The pension funds would need to be of reasonable size before any material benefit would accrue to you.
    All the best Vincent
     
  4. SBarrett

    SBarrett Frequent Poster

    Posts:
    2,270
    Hi Vincent

    How are you doing that? If he's a member of the scheme through Willis Towers, he can transfer his retained benefits in there (I misread the OP and thought he has left that scheme). But how can he transfer them to a Buy Out Bond if he's still a member of that scheme?

    Cheers


    Steven
    www.bluewaterfp.ie
     
  5. North Star

    North Star Frequent Poster

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    198
    Hi Steven, I read this as the scheme with Willis Towers being a deffered benefit as the OP has now moved to the Public Sector. Even as a deferred memeber you can still transfer benefits into that scheme and then trigger your leaving service options. You dont lose that right upon leaving the scheme.

    Cheers Vincent
     
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  6. SBarrett

    SBarrett Frequent Poster

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    2,270
    I didn't know that! I thought once the member had left, they couldn't transfer other deferred benefits in. Don't think I've ever come across someone who needed to do it either.

    Cheers

    Steven
     
  7. North Star

    North Star Frequent Poster

    Posts:
    198
    Hi Steven, If it works it can be a very handy route/option to get clients from several or more expensive old contracts and PRSAs and have them amalgamated into one of the lower cost e.g. 0.5% AMC contracts. Its one of the times we can turn the uneccesary complexity of pension legislation into a benefit for some clients. As I mentioned it can be time intensive and doesnt work for evryones circumstances.
    Cheers Vincent
     
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