Existing PRSA, entering a DB scheme

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iPoker

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Apologies if this is covered elsewhere, but couldn't find...

I'm 26, have a PRSA with €12k at present in cash fund. I am in the process of moving jobs, and want to understand the implications/what I should do with respect to my existing PRSA fund should new employer offer a defined benefit scheme.

Appreciate any advice/link to other thread
 
Can't you just leave your PRSA paid up and invested while you are a member of another pension scheme?
 
That's one possibility, but I thought I could somehow transfer it into the DB scheme, but not sure how that would be treated - as a reduction in my payments for next couple years, or buy back previous years.
 
As far as I recall transfers of PRSAs into an occupational fund are possible but over €10K (or was it €12.7K or something like that?) requires a detailed actuarial report explaining the pros and cons and why the transfer is in the best interests of the policyholder. In practice such reports are difficult, expensive or effectively impossible to get so the transfer to any occupational fund may not be possible in practice. Maybe somebody in the industry can comment? In short the issue may be moot and you may have no option other than to leave the PRSA paid-up.
 
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