Hello all
I’m just looking for a bit of advice in regards to my pension. Like many women of my age (54) I left the workforce for a while to mind my children. I had a tiny preserved pension from the bank which I subsequently amalgamated with a defined contribution scheme run by my next employer. I was in that scheme for 12 years, but have now left that employment. My former employers have sent me a form asking what I want to do with the pension contributions. The fund is now worth just under 67k.
My options are to do nothing and receive a pension in 2027 of about 3k in today’s money. I might have been able to transfer the fund to a new pension scheme but that’s a non-runner as my new employer does not have one. I thought I could transfer the funds to a PRSA but it seems that I can’t do that either as the 67k is too large an amount. I read it that it would need to be under 10k to do this. On my letter of options it mentions a Pension Transfer Bond which I know very little about. Could anyone enlighten me? I know it’s a single premium instrument but no more than that.
I might mention my overall financial state for the record. My husband -aged 60- is on a small public service pension of 21k and I earn 25k. We have €150k in savings – a small mortgage of 6k which will be paid off in the next 18 months, and a house worth €450k approx. We have one dependent aged 13 – the rest are all sorted!
I’m wondering would I go for the Transfer Bond or start a new PRSA? I have only about 11 years of working life left as I want to retire at 65. I’ll be eligible for a contributory state pension at 68 so it would be a few years after retirement before that kicks in.
Any advice most welcome. The years have crept up very quickly!
I’m just looking for a bit of advice in regards to my pension. Like many women of my age (54) I left the workforce for a while to mind my children. I had a tiny preserved pension from the bank which I subsequently amalgamated with a defined contribution scheme run by my next employer. I was in that scheme for 12 years, but have now left that employment. My former employers have sent me a form asking what I want to do with the pension contributions. The fund is now worth just under 67k.
My options are to do nothing and receive a pension in 2027 of about 3k in today’s money. I might have been able to transfer the fund to a new pension scheme but that’s a non-runner as my new employer does not have one. I thought I could transfer the funds to a PRSA but it seems that I can’t do that either as the 67k is too large an amount. I read it that it would need to be under 10k to do this. On my letter of options it mentions a Pension Transfer Bond which I know very little about. Could anyone enlighten me? I know it’s a single premium instrument but no more than that.
I might mention my overall financial state for the record. My husband -aged 60- is on a small public service pension of 21k and I earn 25k. We have €150k in savings – a small mortgage of 6k which will be paid off in the next 18 months, and a house worth €450k approx. We have one dependent aged 13 – the rest are all sorted!
I’m wondering would I go for the Transfer Bond or start a new PRSA? I have only about 11 years of working life left as I want to retire at 65. I’ll be eligible for a contributory state pension at 68 so it would be a few years after retirement before that kicks in.
Any advice most welcome. The years have crept up very quickly!