# Is it possible to transfer one pension fund to another one?



## Dinarius (30 Jul 2010)

My wife is a civil servant and is making the normal contributions to that pension fund.

Prior to entering the Civil Service she was self-employed and built up a small fund with Canada Life.

If it were possible to transfer this fund (under €10k) to her Civil Service fund it would make a huge difference to her since it will earn far more there than it ever will with Canada Life.

So, can it be done?

Thanks.

D.


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## Jester (13 Sep 2010)

It is not likely this will be allowed - the Self Employed pension is established on the RAC regulations and these did not allow transfers to occupational type arrangements.


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## PaddyBloggit (13 Sep 2010)

Doubt it.

Prior to being made permanent I had a pension set up with Canada Life.

It stopped when I became permanent and I can't touch it 'til I retire.


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## Protocol (13 Sep 2010)

There is no "pension fund" in the civil service.

It is a PAYG scheme.

There is no fund into which to place the money, even if you could transfer it.


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## d53 (14 Sep 2010)

You can make a transfer into the civil service scheme from another pension scheme: the tax rules don't allow a transfer from a self-employed arrangement to any pension scheme, public sector or private sector.

d


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## Dinarius (15 Sep 2010)

d53,

Please elaborate. Can you give an example of a pension scheme that could be transferred?

Thanks.

D.


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## d53 (15 Sep 2010)

Dinarius

Anyone who has been a member of an occupational pension scheme (i.e. a pension scheme for employees sponsored by an employer) and who has not received a refund of contributions or any other benefits is entitled to transfer their benefits to any other occupational pension scheme as long as the second scheme is willing to accept this transfer.  This applies whether the first scheme is public or private sector.

The civil service scheme will accept transfers, and the HR person will give you more information about what you need to do and how to find out what benefits the transfer will get you.

Hope that's the info you are looking for.

d


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## Dinarius (15 Sep 2010)

d53,

Many thanks!

But, just to be absolutely clear, if the person was working in a freelance capacity before entering the civil service and took out a pesion in their own right, this cannot be transferred to their civil service fund. Right? (In this case, if it were possible, it would be used to buy back years lost due to starting in the civil service too late to enjoy a full pension at 65)

Thanks again.

D.


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## d53 (16 Sep 2010)

Dinarius

If someone was working freelance, it is likely that their pension was either a self-employed pension (RAC, in the jargon) or a PRSA.  (Though if a freelancer had set up as a company and was providing service through that company, there could be an occupational pension.)

RACs cannot be transferred into civil service or any other employer sponsored pension.  PRSAs can.

Have a look at the paperwork: if it is a PRSA, it should say so pretty clearly.  Any doubts, ask the administrator/insurance company.

d


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