Consolidate Pension

K

kingofthehill

New Member
Messages
1
Hi,

Just started a new job and got a Statement of Options from previous job. Wondering what I should do. Should I leave well enough alone?

Age:37
Salary: 120k
Single, no kids, renting. 40k in savings to buy a house in the next year or so.

1st Pension
  • Zurich: Aspire Moderate Growth B (Management Fee 0.57%)
circa 70k

2nd Pension
Irish Life (via Invesco)
  • Diversified High Growth Fund S1 (Management Fee 0.31%)
  • Indexed Global Equity Fund S1 (Management Fee 0.21%)
  • Invesco Gam Global Targeted Return Fund (Management Fee 0.99%)
45k

New Pension
Irish Life
Contributing 10%. Considering going up to 20% but says something about max tax is 115k
Fund Options (Only including risk 4-7):
  • Indexed World Equity Fund (0.6%)
  • Empower High Growth Fund (0.65%)
  • EMPOWER Pension For Life (0.55%)
  • Solactive ILIM Sustainable Emerging Market Equity Index (? Can't seem to find fee information but found the following online Entry charge 2.00%, Exit Charge: 3.00%, Switching: 5.00%, Ongoing charge: 0.22%)
 
I’m interested in hearing the answers. I’ve a few pensions gathered over the years. I figured that having them gives me some flexibility.
 

The annual charges on these all look pretty good, which would be an argument in favour of leaving them where they are. I'm guessing that each of the employers had a sizeable workforce and were able to negotiate good charges on the pension scheme through strength in numbers.

A few years ago I wrote a blog piece on the pros and cons of amalgamating pension funds, which might be of interest. It's here.

kingofthehill said:
Considering going up to 20% but says something about max tax is 115k
Click to expand...

Yes, the maximum salary for the purposes of tax relief on your own contributions is €115,000. You could go up to 19% of €120,000 which would be less than the ceiling of 20% of €115,000.

Regards,

Liam
www.FergA.com
 
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