Transfer company pension into PRSA

Hi all,
First of all apologies about the size of this post, but it's a decision I have to get right!

I am going back to college for 4 years after working for 5 years with my current company. I contribute to the company pension scheme and have amassed > 10,000 so far in it. I have been informed that I have three options for my pension when I leave the company. I have some questions about each one. It would be fantastic if these questions could be answered.


1. Do nothing and leave it in the company scheme.
Questions:
Can I contribute to this pension scheme any more after employment?
Can the value of it go down as well as up?
Can I transfer this totally into a company pension scheme of any new employment?

2. Transfer everything into a new PRSA account
Questions:
Can I transfer this entirely into a new personal PRSA account right now?
If so, is my new employment obliged to contribute to this PRSA?
If my new company offers a pension scheme am I obliged to take it or can I refuse and insist on payment to my PRSA?

3. Personal Retirement Bond
Questions:
Can my entire pension be transferred into this right now?
Can I contribute to it?
Can it fall as well as rise?
Can it be transferred in its entirety to a PRSA?
Can it be transffered in its entirety to the company pension scheme of any new employment?

Are there any other questions I should be asking?

Thanks very much in advance!
Jack

Jack_2001 said:

1. Do nothing and leave it in the company scheme.
Questions:
Can I contribute to this pension scheme any more after employment?

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No.

Can the value of it go down as well as up?

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Yes assuming that the fund in which it is invested is not guaranteed.

Can I transfer this totally into a company pension scheme of any new employment?

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Yes - and note that you also transfer in vesting time from one scheme to another which can be beneficial (e.g. in order to accelerate the securing of benefits bought by the new employer's contributions).

2. Transfer everything into a new PRSA account
Questions:
Can I transfer this entirely into a new personal PRSA account right now?

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I think that this is only possible with a suitable actuarial report on the transfer illustrating why the transfer is in your best interests and either (a) these are not available in practice or (b) the cost makes them prohibitive in most cases. Basically in practice I don't think that the transfer from occupational to PRSA is a runner.

If so, is my new employment obliged to contribute to this PRSA?

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No. They are only obliged to make available a PRSA to you (not necessarily with the same provider or with the same charges) if there is no other pension scheme on offer.

If my new company offers a pension scheme am I obliged to take it or can I refuse and insist on payment to my PRSA?

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No.

3. Personal Retirement Bond
Questions:
Can my entire pension be transferred into this right now?

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Yes.

Can I contribute to it?

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No.

Can it fall as well as rise?

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As above.

Can it be transferred in its entirety to a PRSA?

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Don't think so.

Can it be transffered in its entirety to the company pension scheme of any new employment?

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Not sure - don't think so.

Are there any other questions I should be asking?

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I think that you should get independent, professional advice. You should be asking what tangible benefits any transfer brings, what the charges on all pension options are, what funds are available and what might be the most appropriate for you (most likely a high equity content one if you have many years to go to retirement).

You can transfer from Personal Retirement Bond to new company arrangement.

The plan is to have legislation such that you can go from Personal Retirement Bond to a PRSA, but if your transfer value > €10k (which is the reason it can't go to PRSA now) then it will probably still have this problem if/when you want to take it from Personal Retirement Bond.

Is it possible to transfer monies from a PRSA into my current Company (Defined Contribution) Pension fund?