Partial transfer of prsa to another prsa in a different company

I know that you can transfer your entire prsa pension to a new prsa pension for free. However is it possible to transfer maybe 90% of prsa to a new prsa and maintain the existing and new prsa for free?

Yes - you'll need to get the first PRSA company to split your PRSA into two for you - 90% and 10% - and then you transfer the entirety of the larger one to another PRSA.

That's really helpful to know. I had asked that before in various places, never got an answer.

Just curious (no need to answer if you don't want to) but what is the rationale for such a split and transfer?

In my case it would give me the option to build up a PRSA AVC fund with a provider (e.g Royal London Ireland, Standard Life etc..) that offer much cheaper fees than having to pay in to an employer linked AVC scheme which in my case is Irish Life/Cornmarket.

In my HSE employment there is an option to "buy back" DB pension years but you cannot do so via partial transfer of funds from a PRSA AVC pension fund it has to be only the entire value in the fund. Then you have to forfeit anything leftover in your PRSA AVC pot after you bought back as many HSE defined benefit pension benefits as you were entitled to. The HSE will actually accept a partial transfer from an AVC fund just not a PRSA AVC. Strange rules.

It means I could ask the pension company to split one AVC PRSA into two with one pot being the exact amount I need, and no more, to buy the extra HSE benefits.

It was suggested to me to pay in to two separate policies but splitting one seems far more satisfactory. I still might have misunderstood something of course.

ClubMan said:

Just curious (no need to answer if you don't want to) but what is the rationale for such a split and transfer?

Click to expand...

in the thread about Royal London the "cheapest prsa on the market" which am thinking of transferring to ,the AMC is 0.55% but another poster made the point that you can only get 100% allocation on additions of 10,000 euros or more , however if you transfer your prsa into Royal London you will also get 100% allocation at 0.55% AMC on that transfer. So was thinking of doing that and still maintain original prsa for smaller deposits

@joe sod
I had another read through the RLI thread. Maybe I'm misunderstanding your concern.

You can get 100% allocation on regular contributions to RLI, even if they are small amounts. The 98% allocation applies to lump sum contributions that are less than €10k.