Hi all,
Would appreciate your thoughts on the following.
I am 30 years of age. I joined the public sector two years ago. Prior to that, I was a member of my previous employer's DC pension scheme in the private sector. I was a member of the scheme for less than two years. The value of my fund when I left my old employer was €12,400, it is now €13,150. I received my Statement of Options last year but have yet to decide which is the best course of action; whether to leave the pension as it is with my old employer (deferment option), transfer to a Buy-Out Bond, or transfer to a PRSA.
My DC pension is invested with Irish Life's Empower PLS, in its Empower Growth Fund. I would be happy with the deferment option as the fund is growing, and the annual administration fee is only €46. As well as that, thanks to Irish Life's pension plan interactive portal, I am free to switch my pension fund to other Irish Life funds of various risk ratings if I wish.
My questions are:
1) Is it risky leaving my pension fund as it is with my old employer? The trustees of the pension scheme are a financial firm based in Dublin - what would happen my pension if the trustee firm ceased operations down the line? Or if my old company ceased operations?
2) If I leave my pension with my old employer, am I able to keep the employer pension contributions? I am aware that if I transfer out to a Buy-Out bond, I will lose the employer contribution because I was a member of the scheme for less than two years.
3) Am I able to transfer my pension to a PRSA, or am I precluded from doing so because I am now a public servant?
Any thoughts appreciated.
Thanks,
Brian
Would appreciate your thoughts on the following.
I am 30 years of age. I joined the public sector two years ago. Prior to that, I was a member of my previous employer's DC pension scheme in the private sector. I was a member of the scheme for less than two years. The value of my fund when I left my old employer was €12,400, it is now €13,150. I received my Statement of Options last year but have yet to decide which is the best course of action; whether to leave the pension as it is with my old employer (deferment option), transfer to a Buy-Out Bond, or transfer to a PRSA.
My DC pension is invested with Irish Life's Empower PLS, in its Empower Growth Fund. I would be happy with the deferment option as the fund is growing, and the annual administration fee is only €46. As well as that, thanks to Irish Life's pension plan interactive portal, I am free to switch my pension fund to other Irish Life funds of various risk ratings if I wish.
My questions are:
1) Is it risky leaving my pension fund as it is with my old employer? The trustees of the pension scheme are a financial firm based in Dublin - what would happen my pension if the trustee firm ceased operations down the line? Or if my old company ceased operations?
2) If I leave my pension with my old employer, am I able to keep the employer pension contributions? I am aware that if I transfer out to a Buy-Out bond, I will lose the employer contribution because I was a member of the scheme for less than two years.
3) Am I able to transfer my pension to a PRSA, or am I precluded from doing so because I am now a public servant?
Any thoughts appreciated.
Thanks,
Brian
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