Trying to amalgamate pensions plans

[Gloriosa]

Hi all

I know from reading some previous posts that you can't transfer a PRSA into a Personal Pension, but you can do vice versa, following on from that I wonder what I can do to maximise the benefits of the plans I have, brief history below:

have Personal Retirement Bond since leaving employment of large group 1999, it was transferred from Irish Life employment scheme to Scottish Provident

joined small company which had no pension plan at the start, so set up Personal Pension with Friends First, contributed from 2000 to 2008 (no PRSA available at the time)

company then set up PRSA with Eagle Star in 2006, paid in 5% of salary, matched by 5% from employer, company went into liquidation Oct 08, so no further contributions made (contributions to both personal pension & PRSA were under my total % limit of salary)

I've got a new job now but with no pension plan , so since Oct 08 I haven't contributed anything to any plan, what would my best options be?

thanks
Gloriosa

 

[StevieC]

Check the annual management fee on the personal pension would be my first port of call. It may be only 0.75% (many personal pensions are on this basis) where as a PRSA would be 1%. If that is the case there is no reason to transfer the personal pension to a PRSA as you will just get charged more.

The personal retirement bond is stuck as it is.

Going forward ask an independent broker to do you comparison quotes on a personal pension and prsa to see what plan will work out best for you. Due to lower management charges a personal pension plan can often outperform a prsa despite the prsa being marketed as the cheap pension product. In reality its a simpler product but not always cheaper. Look to invest in a gilt fund until markets sort themselves out so that your investment is relatively secure.

Hope this helps