- If your old plan was a PERSONAL PENSION then you can NEVER transfer it to the executive plan
Just to be pedantic - as far as I know there is no technical limit but there is a practical limit of €10K or thereabouts due to the need for some actuarial report explaining why such a transfer is in the individual's best interests but nobody can do this right now or the cost is prohibitive in most cases. Is that correct?Sounds possible, the max transfer from occupational to a PRSA is €10k.
Why?IThe broker felt that I would not be allowed to make contributions to the new executiuve pension in this way and would need to set up a PRSA as well.
Why?
Possibly ropey advice from your broker so? Maybe s/he has some vested interest in selling you another pension/PRSA?
No excuse in my opinion if he's doing this for a living and you're paying him!I'm hoping he was just uncertain about the rules.
No excuse in my opinion if he's doing this for a living and you're paying him!
But what if he is certain that he was correct but he is simply wrong?I can accept gaps in his knowledge of the rules and regulations so long as he tells me when he is uncertain.
I'm not paying him, it's a favour to reduce\eliminate the initial contribution charges etc. on transferring a lump sum from my ex employer and his business is predominantly mortgages
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