Transfer Husbands Old pension into wives PRSA?

[Storage]

Hi,

I am a teacher who will be getting the full pension at 65 by buying back years. I worked for 5 years in another profession previously. I have a pension with my previous company, but the pension plan is now being wound up.

There are options for me to put this into a PRSA or a personal retirement bond.

I was wondering can I transfer it into my wives PRSA since she has only recently started it. She is presently putting in 10%. Of course there could be complicated tax implications.

Or would I be better off opening a PRB and taking it myself at retirement.

Any advice would be gratefully accepted.

Thanks

 

[LDFerguson]

Pension funds are not transferable between spouses so you can't transfer it to your wife's PRSA.

Transferring it into a PRSA of your own would offer you greater choices at retirement, although a Buy Out Bond can often have lower charges than a PRSA.

 

[Storage]

Thanks for the advice.

Am I right in saying that if I do get a PRSA that at retirement my pensions and my wifes pension are all lumped together for tax assessment, just the same as if we had joint assessment on our incomes now.

 

[LDFerguson]

Am I right in saying that if I do get a PRSA that at retirement my pensions and my wifes pension are all lumped together for tax assessment, just the same as if we had joint assessment on our incomes now.

Yes - you each will have an entitlement to a tax-free lump sum. But after that, any ongoing income you receive from your pension plans will be jointly assessed for tax.