I am looking for some advice on former employer pensions, if anyone can point me in the right direction, I'd be very grateful.
I spent 17 years in the private sector, worked for 7 yrs in one bank, 9 in another bank, and travelled for a year in between. I quit my second job to move into the public sector, and have been very happy as a teacher for the last 5 years, got made permanent this year, after a year of casual work, and pay pension contributions every fortnight for a pro-rata pension that I hope to draw when I finish teaching in 25 years time or so.
My query is what to do with the two pensions that I have already paid into, and have not done anything with them since I left these employers 15 and 5 years ago, respectively.
I undertand from talking to the two companies pensions offices that I have a total combined pension fund of around €50K, and I want to take these funds out and invest them in a private pension fund elsewhere. I can't put them into my DES pension fund as this is a defined-benefit scheme. What other options are there out there such as buy-out bonds? I am concerned that these funds will be lost when it comes to drawing them down, as both jobs were with banks who are still in operation, so I have decided that I need to do something about them this coming year. I am not panicking about this, but I feel it is time to do something about this little nest egg.....
I spent 17 years in the private sector, worked for 7 yrs in one bank, 9 in another bank, and travelled for a year in between. I quit my second job to move into the public sector, and have been very happy as a teacher for the last 5 years, got made permanent this year, after a year of casual work, and pay pension contributions every fortnight for a pro-rata pension that I hope to draw when I finish teaching in 25 years time or so.
My query is what to do with the two pensions that I have already paid into, and have not done anything with them since I left these employers 15 and 5 years ago, respectively.
I undertand from talking to the two companies pensions offices that I have a total combined pension fund of around €50K, and I want to take these funds out and invest them in a private pension fund elsewhere. I can't put them into my DES pension fund as this is a defined-benefit scheme. What other options are there out there such as buy-out bonds? I am concerned that these funds will be lost when it comes to drawing them down, as both jobs were with banks who are still in operation, so I have decided that I need to do something about them this coming year. I am not panicking about this, but I feel it is time to do something about this little nest egg.....