Hi,
I know very little about pensions and so would like an opinion expressed.
Basically, my employer pays 5% of my salary into a PRSA and I pay 3.5%.
Received a letter saying they now want to change from the PRSA into an Occupational defined contribution scheme. due to changes in tax rules in 2011 etc.
A few years ago, they told us we should change to the PRSA as it was they way to go...
Having lost a load of money changing over to the PRSA at that time I am concerned the same might happen again.
AFAIK it's with the same company as the PRSA with the same charging structure etc.
The last line of the letter says 'take advantage of the solutions offered by *****h L***, i.e. a Group defined Contribution plan, which allows a switch from your PRSA with little disruption'.
My question is, should there be questions I need to put forward. Is there anyhting obvious they are not telling me?
I know very little about pensions and so would like an opinion expressed.
Basically, my employer pays 5% of my salary into a PRSA and I pay 3.5%.
Received a letter saying they now want to change from the PRSA into an Occupational defined contribution scheme. due to changes in tax rules in 2011 etc.
A few years ago, they told us we should change to the PRSA as it was they way to go...
Having lost a load of money changing over to the PRSA at that time I am concerned the same might happen again.
AFAIK it's with the same company as the PRSA with the same charging structure etc.
The last line of the letter says 'take advantage of the solutions offered by *****h L***, i.e. a Group defined Contribution plan, which allows a switch from your PRSA with little disruption'.
My question is, should there be questions I need to put forward. Is there anyhting obvious they are not telling me?