Apologies for the long post
I currently work in the civil service (since 2008) and for a good portion of this I would have been on a reduced pattern to manage life/work balance. I've recently returned full time. I am now 39.
I previously worked for an American Multinational with a private pension. Left there in 2003 following redundancy. I had put the issue of the private pension to the back of my mind, always meaning to go back and look at it.
Anyway, have recently received a letter from Invesco who are the trustees of the private plan. My previous employer has decided to cease contributions to the plan so the trustees have resolved to wind up the plan.
There are a number of options open to me:
1. Transfer my retirement account to a new employer arrangement
2. Transfer 100% of the value to a Personal Retirement Bond (PRB) of my choice
3. Transfer 100% of the value to a PRSA of my choice
4. Default option if I do nothing: Trustees will invest the value into a selected PRB with Irish Life.
The current value of my account is: €17,345 with just less then 3 years in the scheme.
Details of the Irish Life PRB (Personal Lifestyle Strategy):
1. No entry/exit fee
2. No monthly contract charges
3. No commissions payable
4. 100% of my fund gets invested
5. Competitive annual management charge of 0.35%pa
As I was a late-ish entrant to the Civil Service (at 31) and worked for a number of years on part-time hours it was already at the back of my mind that I would need to look at adding to my pension.
Am I better parking this amount in a PRB and separately dealing with buying years/AVCs to go along with my civil service pension or looking at moving this fund into a PRSA that I could then add to?
There is obviously a deadline from Invesco of the 12th August at which time if I haven't responded they will select option 4 for me.
If anyone could give me some pointers to start with to, I would be grateful.
I currently work in the civil service (since 2008) and for a good portion of this I would have been on a reduced pattern to manage life/work balance. I've recently returned full time. I am now 39.
I previously worked for an American Multinational with a private pension. Left there in 2003 following redundancy. I had put the issue of the private pension to the back of my mind, always meaning to go back and look at it.
Anyway, have recently received a letter from Invesco who are the trustees of the private plan. My previous employer has decided to cease contributions to the plan so the trustees have resolved to wind up the plan.
There are a number of options open to me:
1. Transfer my retirement account to a new employer arrangement
Am I right to assume that this is not an option as my current employer is the civil service
2. Transfer 100% of the value to a Personal Retirement Bond (PRB) of my choice
3. Transfer 100% of the value to a PRSA of my choice
4. Default option if I do nothing: Trustees will invest the value into a selected PRB with Irish Life.
The current value of my account is: €17,345 with just less then 3 years in the scheme.
Details of the Irish Life PRB (Personal Lifestyle Strategy):
1. No entry/exit fee
2. No monthly contract charges
3. No commissions payable
4. 100% of my fund gets invested
5. Competitive annual management charge of 0.35%pa
As I was a late-ish entrant to the Civil Service (at 31) and worked for a number of years on part-time hours it was already at the back of my mind that I would need to look at adding to my pension.
Am I better parking this amount in a PRB and separately dealing with buying years/AVCs to go along with my civil service pension or looking at moving this fund into a PRSA that I could then add to?
There is obviously a deadline from Invesco of the 12th August at which time if I haven't responded they will select option 4 for me.
If anyone could give me some pointers to start with to, I would be grateful.