More than one pension

[neiltheseal]

I have a defined contribution pension fund which I'm paying into at work. I also have 3 other pension funds which I wish to transfer into a new pension fund to avail of better commission rates. Can I transfer these into a new fund or do I have to transfer them into my employers defined contribution pension? Is there some rule about only being able to pay into one pension fund at a time?

Thanks
Neil

 

[LDFerguson]

I have a defined contribution pension fund which I'm paying into at work. I also have 3 other pension funds which I wish to transfer into a new pension fund to avail of better commission rates. Can I transfer these into a new fund or do I have to transfer them into my employers defined contribution pension? Is there some rule about only being able to pay into one pension fund at a time?

Thanks
Neil

Transferability between pension funds depends on several factors. One of the first questions is - what type of pension is each of your existing funds? They'll most likely be one of four generic types - (1) Personal Pension Plan, (2) Occupational Pension Scheme (3) PRSA or (4) Personal Retirement Bond or Buy Out Bond.

I'm not sure I understand your "wish to transfer into a new pension fund to avail of better commission rates". You may have already paid commission in respect of your three existing funds. If so, that's water under the bridge.