Occupational Scheme - Transfer or Leave where it is

[Galway5]

Hi there,

Query -

Can a company director who has a self administered scheme / executive scheme with one of the stockbrokers stop paying into this and open up a new pension scheme with a new provider?

He is disatisfied with the particular performance of the products/shares he was placed in and was thinking of leaving that scheme where it is for the moment (some shares - that he doesn't want to sell). He still wants to continue funding a pension going forward though but not with the same provider. Can he leave it where it is - or does he have to transfer the scheme to a new provider i.e. can a person have more than one occupational scheme from one employment?

Thanks.

 

[Conan]

There is no problem with making the existing plan "paid-up" (not contributing any further contributions but leaving the assets as is) and starting a new Occupational scheme with a different provider.
The new provider will have to take the paid-up funds into account in ensuring that Revenue limits are not breached as far as contributions going into the new scheme.
At any stage in the future it would be possible to transfer the paid-up funds into the newer arrangement.

It is possible to operate a number of occupational/executive (even at the same time) so long as the total contributions will not exceed Revenue limits.

Conan