Pension tidy-up after moving to the UK

[arbitron]

I have moved to the UK long term and need to tidy up my pensions. I am early 40s.

I have just paid for 11 years of UK Class 2 NI contributions and I'm working here in the UK full time now, so should have the full UK state pension all going well.

I have approximately 15 years of full-time PRSI contributions in Ireland (public service PAYE) and have requested a PRSI statement from MyWelfare. Can I continue to top that up voluntarily?

I also have 3 Irish Life DC pension funds from previous private employers. 1st is about €2k, 2nd is €50k, 3rd is €250k. Can I have all of these merged into one pot?

 

[ClubMan]

Can I have all of these merged into one pot?

Even if you can there may be reasons not to do this - e.g. lower charges and more flexibility by keeping them separate. You'd probably need to post more details for more specific feedback though.

 

[LDFerguson]

I also have 3 Irish Life DC pension funds from previous private employers. 1st is about €2k, 2nd is €50k, 3rd is €250k. Can I have all of these merged into one pot?

As you're no longer living in Ireland, I think that your only choice will be Personal Retirement Bonds, as the trustees of the pension schemes are presumably in Ireland and, strictly speaking, it's the trustees who purchase a PRB on your behalf, even if you choose it. Once the PRB is purchased, the trustees have no further input into your funds.

You'll need to arrange three PRBs; one for each employment, although you can arrange them with the same company in the same funds if you wish.
You may struggle to get the €2,000 into a PRB as that's below the minimum for any PRB products I know, but if you sell it as a trio, i.e. all three going to the same company, you might get a company willing to lower their minimum for one in order to get the other two.

 

[Steven Barrett]

As you're no longer living in Ireland, I think that your only choice will be Personal Retirement Bonds, as the trustees of the pension schemes are presumably in Ireland and, strictly speaking, it's the trustees who purchase a PRB on your behalf, even if you choose it. Once the PRB is purchased, the trustees have no further input into your funds.

PRB's are pretty restrictive on transfers abroad, so I am not sure if that is the best option.

I'd leave them where they are or else transfer them to the UK and merge them into one pot there. If you come back to Ireland, you can always transfer them back.

 

[arbitron]

Even if you can there may be reasons not to do this - e.g. lower charges and more flexibility by keeping them separate. You'd probably need to post more details for more specific feedback though.

Thanks ClubMan, what sort of details would be useful?

I don't have any strong feelings one way or another. I am just a generally simple person so if it's possible to have everything in one pot then it makes organising life a bit easier. Maybe it's all of a muchness and better just to leave it alone?

 

[arbitron]

As you're no longer living in Ireland, I think that your only choice will be Personal Retirement Bonds, as the trustees of the pension schemes are presumably in Ireland and, strictly speaking, it's the trustees who purchase a PRB on your behalf, even if you choose it. Once the PRB is purchased, the trustees have no further input into your funds.

You'll need to arrange three PRBs; one for each employment, although you can arrange them with the same company in the same funds if you wish.
You may struggle to get the €2,000 into a PRB as that's below the minimum for any PRB products I know, but if you sell it as a trio, i.e. all three going to the same company, you might get a company willing to lower their minimum for one in order to get the other two.

Thanks for this, I had never heard of a PRB. I had a look at some and they all have minimums that are above the €2k, so maybe not possible.

Should I contact Irish Life and ask about options?

 

[arbitron]

PRB's are pretty restrictive on transfers abroad, so I am not sure if that is the best option.

I'd leave them where they are or else transfer them to the UK and merge them into one pot there. If you come back to Ireland, you can always transfer them back.

I'm happy to leave them in Ireland/euro for the moment, unless there is a big benefit to transferring to the UK?

 

[ClubMan]

Thanks ClubMan, what sort of details would be useful?

What sort of pensions, what charges apply, what asset mix they're invested in etc. Posts subsequent to mine obviously need to be chartered considered too.