Transfer of pension scheme benefit to PRSA
This is one of the myths about PRSAs..that you can transfer bits and pieces into a PRSA. In fact transferability into and out of PRSA is subject to all types of hurdles, red tape and mountains of paper.
In order to transfer a non AVC benefit from a pension scheme to a PRSA there are many many hurdles to be overcome, which makes it virtually impossible!
1> Your pension scheme would have to change its rules to allow you to transfer..your ex employer is under no obligation to do this and may not see why he should do this just to suit ex employees. So there's no God given right to such a transfer..it's in the gift of your ex employer and scheme trustees.
2> you have to be 'changing employment'...leaving service isn't enough.
3> you have to have < 15 years scheme service
4> If TV is > €4k, you have to be given a Certificate of COmparison, be PRSA company or someone acting on their behalf, comparing projected value of PRSA benefits V your benefit in the scheme
5> PRSA company or someone acting on their behalf, has to give you a written statement as to why such a transfer would be in your interests.
6> PRSA company or someone acting on their behalf who prepared the Certificate and written statement has to have minimum PI cover of €1m per claim!
I think I'd forget it ...you'd be long back from your travels before this transfer would go through!