Irishchappie
Registered User
- Messages
- 113
You can transfer it to a personal retirement bond with an insurance company and transfer it from there to your new pension scheme. However there might be a charge for doing this, you would need to negotiate with a broker.
I'm a bit confused as to why your "old" broker is pressuring you to move your pension out. This seems a little underhand, and depending on the value of your fund they can't force you to transfer you. I can't remember the exact limit, it's something around 4K, but if your value is over this, you cannot be made to move out.
If you are seriously coming under pressure to do this, suggest you put a call in to the Pensions Board or indeed to the trustees of the old scheme to see what they make of it.
Your new employer should have a PRSA scheme set up for its employees under the new regulations. You could transfer it in there (standard PRSA, low charges set by law), make regular contributions, and transfer it back out to the pension scheme when you join.
I would agree with the point re the old scheme and the guy trying to force you out. He is not allowed to do this once the amount is over IR£3k (old money!). He is only trying to do it so it saves him a bit of admin work.
When you joined that scheme and made your contributions, he would have been earning commission on your regular payments. Part of his job is that if your benefit is paid up, he has to keep your records on file.
To me its a clear case of him thinking you don't know the legislation/rules on this and he can trick you into taking it out. You don't have to - and if you are, don't be rushed into it until you join the new scheme.
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