Transfer Personal Pension

[jprender]

Hiya Folks,

My Dad is looking for a little advice in relation to his pension.

He currently has a personal pension with ARK Life.
Due to one reason or another he would like to move his business from AIB/ARK Life.

Is it possible for him to transfer this pension to another provider ?
Or is he better off just freezing this pension and starting a new one altogether ?

Perhaps someone might have an idea as to which other provider is worthwhile looking at. It looks to me like Quinn Life have got the lowest fund charges around.

Current Pension Value is EUR300k
Age of my Dad is 56 this year.
He also is a company director and shareholder. (Family business)

Many thanks in advance,

JP

 

[ClubMan]

He currently has a personal pension with ARK Life.

Is it a Retirement Annuity Contract or a PRSA or something else?

Due to one reason or another he would like to move his business from AIB/ARK Life.

What reason(s)?

Is it possible for him to transfer this pension to another provider ?
Or is he better off just freezing this pension and starting a new one altogether ?

I believe that he can transfer but he should only do so if there is some tangible benefit from doing so - e.g. lower charge, better fund selection, easier administration (of a single consolidate pension) etc. Also he should check just in case there are any penalties for stopping contributions or transferring out. Probably not but years ago such penalties could be hefty.

Current Pension Value is EUR300k
Age of my Dad is 56 this year.
He also is a company director and shareholder. (Family business)

Given these circumstances I honestly feel that he should get independent, professional advice on what to do next.

 

[jprender]

Thanks Clubman,

I am not entirely sure what type of pension it is. I will have to ask him and re-post.

Wants to change providers due to the fact that he is not entirely satisfied he is getting the best deal. They also are very slow in responding to any queries that he has put their way. Also he has recently changed his daily banking from the AIB and is generally p'd off with the whole organisation.

I think he is currently paying 3% in fees to Ark Life. Should be easy to get a lower based charging structure from another pension provider. Currently he is contributing about 2k per month to his scheme.

I believe he should get some independent financial advice also but I always start in here due to the great advice normally given !!

 

[ClubMan]

Wants to change providers due to the fact that he is not entirely satisfied he is getting the best deal.

In what way exactly? The charges are too high, the past performance (no guide to future returns) is not good enough, the fund selection is not appropriate, etc.?

I think he is currently paying 3% in fees to Ark Life.

3% on each contribution? Or 3% annual management fee? You need to look at the per contribution and ongoing management fees in totality. Also any penalties that might apply for stopping contributions or transferring.

Why did he choose Ark Life in the first place?

 

[jprender]

I will ask to see his pension documentation so that I can be more specific in relation to charges etc....

He originally chose Ark Life as he has always banked with AIB and former Bank Manager was a personal friend.