Can I keep my personal pension plan?

T

Theo

Registered User
Messages
92
Hi
I have a question about my situation. I'm sure i'm not the only one to have faced this scenario. I have a personal pension plan that I took out some years back because my existing employment didn't offer one as a benefit.
Now I am leaving my job for a new one which does provide a pension as a benefit. I Find myself not really wanting to contribute to a new fund as my existing pension fund is growing very well and I'm happy with it.
Do I have to stop contributing to my personal plan under current legislation and start contributing to a new fund or can I continue to keep it going?
This is an area that confuses me completely. It appears that in today's job market where people move all the time, it makes no sense to have to stop and start. If that's the case, one could end up with bits of pension funds everywhere that never really got a chance to get going.
Any thoughts?

many thanks

t
 
when i set mine up last year i was told that if i change jobs i can transfer it to the new job.
 
There are a number of things you need to consider

1. Is your new employer going to contribute to the pension fund?
2. Is it a defined contributions (probably) or a defined benefit scheme?
3. You can make the current pension paid up (leave it there), set up a PRSA AVC with the same provider or take the value of the pension and transfer it to your new provider.
4. How has the new pension been performing over the same period as your current pension i.e. how much has the new provider grown in the last number of years?
5. Ask both providers "Will your current contributions give you a decent pension when you retire". Ask them what assumptions they are making.

See here


ALWAYS remember "Past performance is no guarantee of future gains"
 
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