# PRSA Transfer



## Bob Pelz (3 Aug 2011)

I opened up a PRSA 4 years ago. There is a small amount of money in it and the charges are eating into this every month. I would like to transfer it to my current group scheme. I have been told by the PRSA company that i can't do this under current legislation, while the manager of the group scheme says i can.

Who is correct?

Thanks

Bob Pelz


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## boaber (3 Aug 2011)

There should be no issue with you transferring the value of your PRSA to your employer's occupational group scheme.


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## Bob Pelz (3 Aug 2011)

Thanks - probably a matter of trying to talk to the right person


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## boaber (3 Aug 2011)

No problem.  The Pensions Board have a handy publication on PRSAs available here [broken link removed]

It confirms that 





> As a PRSA is essentially your personal pension plan, you can normally bring it from job to job and from employment to self-employment or vice versa. You can transfer your PRSA benefits to an occupational pension scheme or another PRSA without charge.


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## Bob Pelz (5 Aug 2011)

Following on from this, i found i have a "Personal Pension" and not a PRSA, which i have been told the rules are different for. Anyone have any experience in trying to switch out of one of these?

Thanks


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## boaber (5 Aug 2011)

Yes, you cannot transfer a Personal Pension to an Occupational Pension Scheme.

You could in theory transfer your personal pension to a PRSA, and then transfer the PRSA to your scheme.  There may be costs involved in doing this though.  Best to seek independent financial advice.


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## johnnygman (5 Aug 2011)

what are the ongoing charges on the personal pension?


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## Bob Pelz (8 Aug 2011)

_I am being charged €5.45 a month policy fee and an annual fee of 1% of the total value. This excludes the government levy._


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## buster mammy (12 Aug 2011)

i have a prsa with eagle star and also an public service hse defined benefit scheme is it possable to transfer this prsa to the db scheme in october and claim the 41% tax relief i get no tax relief on this prsa as i qualfy for relief on db scheme ,cheers


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## Dave Vanian (13 Aug 2011)

Are you making contributions to the PRSA now?


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## buster mammy (15 Aug 2011)

no i have 13,000k in it so is it possable to transfer as mentioned above


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## Dave Vanian (16 Aug 2011)

With the agreement of the HSE superannuation scheme administrators, you could possibly buy back years in the HSE scheme, using monies transferred from your PRSA.  You'd have to ask HSE to confirm.  If they agree, you wouldn't get tax relief as you're not making a contribution; you're transferring an existing fund from one pension arrangement to another.  Presumably you already got tax relief on contributions to your PRSA when you made them.


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## Baracuda (16 Aug 2011)

buster mammy said:


> i have a prsa with eagle star and also an public service hse defined benefit scheme is it possable to transfer this prsa to the db scheme in october and claim the 41% tax relief i get no tax relief on this prsa as i qualfy for relief on db scheme ,cheers


Why are you not getting tax relief? The only reason that I can think of is that the contract was set up as a regular PRSA rather than a PRSA AVC, perhaps I am missing something?


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## Dave Vanian (17 Aug 2011)

Baracuda said:


> Why are you not getting tax relief? The only reason that I can think of is that the contract was set up as a regular PRSA rather than a PRSA AVC, perhaps I am missing something?


 
In an earlier post the poster said she's not making contributions to the PRSA at the moment so maybe the PRSA pre-dates the HSE employment.


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## buster mammy (17 Aug 2011)

i opened it up to get the 2500 bonus when you put 7500 in to a prse post the ssia then i put another 3000 a year or two later but got no tax relief even though i applied for same i like to know if its of any use now anyway it has lost money like everything else so maybe its best left alone


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## Baracuda (18 Aug 2011)

buster mammy if you did not qualify for tax relief in the year you paid the contribution you may be able to claim it still as tax relief for contributions carries forward until such time as you have earnings to set the relief off. If you set an ordinary PRSA you can convert it to a PRSA AVC just get in contact with the PRSA provider and they will send out the relavant paperwork


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## buster mammy (19 Aug 2011)

thanks i will try that


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