Hi,
My limited company is being wound up and my pension provider has sent me a letter detailing the transfer options. They didn't indicate which option would be best so hence the question.
The options are
a. Transfer policy ownership to me (the life insured).
b. Transfer value can be calculated and allocated to a Buy Out Bond in my name.
c. The pension benefits can be transferred into a PRSA.
d. The policy can be made paid up and remain with pension provider, with the employer remaining as trustee (don't think this is possible as company is being wound up).
As my new employer don't offer pension benefits until after a year. My guess is that I am better transferring to a PRSA so I can bring it with me to future jobs.
What are the pro's and cons of these options?
My contributions to date are: 83k
Transfer value is: 54k approx.
Thanks
My limited company is being wound up and my pension provider has sent me a letter detailing the transfer options. They didn't indicate which option would be best so hence the question.
The options are
a. Transfer policy ownership to me (the life insured).
b. Transfer value can be calculated and allocated to a Buy Out Bond in my name.
c. The pension benefits can be transferred into a PRSA.
d. The policy can be made paid up and remain with pension provider, with the employer remaining as trustee (don't think this is possible as company is being wound up).
As my new employer don't offer pension benefits until after a year. My guess is that I am better transferring to a PRSA so I can bring it with me to future jobs.
What are the pro's and cons of these options?
My contributions to date are: 83k
Transfer value is: 54k approx.
Thanks