Where can I get advice re my small pension fund?

[santi]

My husband and I have a small business. I have a pension fund valued 70,000 euro with an Irish insurance co. and a pension fund valued 30,000 euro with an English insurance co. I am aged 61 and would like to retire next year when I am 62. Can I combine the two amounts into one fund and in my case would an annuity be better than a prsa? Any advice would be really appreciated.

 

[RainyDay]

Can I combine the two amounts into one fund ?

Possibly, but I'm not sure why you would want to do this? Are you planning on drawing down income from both funds from next year? Have you checked the terms of the funds regarding early retirement?

in my case would an annuity be better than a prsa?

I don't really understand the question. The PRSA would be used prior to retirement, and the annuity would be used after retiring, so it's not an either/or choice.

 

[Savvy]

Quote:
Originally Posted by santi
in my case would an annuity be better than a prsa?


I don't really understand the question. The PRSA would be used prior to retirement, and the annuity would be used after retiring, so it's not an either/or choice.

Santi,
I'll expand on what Rainyday has stated.
The PRSA is a pension saving plan that has certain legislative maximum charges. On retirement one option with a PRSA is that you can use your accumalated fund(this could be from any source other than a PRSA) to buy an annuity from an insurance company.
So your question is like comparing apples and oranges!!

I think you would need to contact both companies and ask them for what your options are if you do decide to retire next year.With the Irish pension your only choice may be to purchase an annuity.No idea about the UK one.
S

 

[santi]

Thanks for advice given. I will contact both insurance companies to see what the options are for early retirement.