# Transfer from Personal Pension to Occupational Scheme?



## Lucretia1 (25 Nov 2004)

Does anyone know if it's possible to transfer monies from a Personal Pension to an Occupational Scheme?  New Occupational Scheme has the same fund manager as existing Personal Pension but far lower charges.

If it's possible, does this action forfeit ARF rights at retirement (not a 5% director) or would a transfer from a Personal Pension be treated as an AVC and still have ARF rights?

Thanks.


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## ClubMan (25 Nov 2004)

*Does anyone know if it's possible to transfer monies from a Personal Pension to an Occupational Scheme?*

As far as I know current pension legislation does not allow for this.


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## Alan Moore (25 Nov 2004)

*No can do.....*

.


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## Lucretia1 (25 Nov 2004)

*Re: No can do.....*

Thanks gents.  Any of you got links to official verification of this?  I'm getting conflicting stories.


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## ClubMan (25 Nov 2004)

*Re: No can do.....*

[broken link removed] by our own _Liam D. Ferguson_ also mentions this restriction in case that's of any use. I presume the most authoritative source of information is this is the relevant pension legislation/_Finance Act_?


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## d53 (29 Nov 2004)

*Transfer from personal pension to occupational scheme*

As everyone else has said, these transfers are not allowed.  Anyone with any knowledge of pensions should have been able to tell you: the rule has been in place for forever.  If you want confirmation from the source, call the Revenue, Retirement Benefits District.

d


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## RAIPI (30 Nov 2004)

*Transfer from PP to occupational pension scheme*

While you can’t transfer from a Personal Pension to an occupational pension scheme (for some reason best know to Revenue, now lost in the mists of time) you can do an indirect transfer as follows :

Personal Pension Plan to PRSA
PRSA to occupational pension scheme
PRSA can’t by law take any charge from your transfer in or out.
However you may suffer acharge on transfer into occupational pension scheme; it depends on the nature of the scheme.


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## ClubMan (30 Nov 2004)

*Re: Transfer from PP to occupational pension scheme*

*Personal Pension Plan to PRSA
PRSA to occupational pension scheme*

While these are allowed in theory are there any providers facilitating them in practice? 

As ever when deciding whether or not to transfer one fund to another you should be clear on the tangible benefits (e.g. in terms of lower charges, easier administration, better choice of funds etc.) that will accrue from doing so first.


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## Lucretia1 (30 Nov 2004)

RAIPI - if one takes the circuitous route you mention (Personal Pension to PRSA to Occupational Pension Scheme), do you know if such a transfer would be seen as an AVC or an ordinary contribution when it comes to retirement.  In other words, would one be able to invest the proceeds into an ARF?  

If not, I would say this could be a deterrent to effecting such a transfer.


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## Protocol (30 Nov 2004)

*a similar problem*

I have a personal pension, with no commission. The only charge is 190 pa fixed fee.

I may have the chance of joining an occupational pension. If I leave the personal pension paid-up, sure the 190 pa fixed fee will slowly but surely eat up the fund.

This is very bad, I would prefer to transfer the personal fund into the occupational fund.


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## d53 (1 Dec 2004)

*Transfer from personal pension to PRSA*

RAIPI - your suggested route will not work: it is not permitted to transfer from a PP to a PRSA, AFAIK specifically to stop what you suggest.

d


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## ClubMan (1 Dec 2004)

*Re: Transfer from personal pension to PRSA*

*it is not permitted to transfer from a PP to a PRSA*

According to the [broken link removed] it is permitted (unless this information is out of date?):



> How do PRSAs interface with Retirement Annuity Contracts (RACs)?
> 
> RACs will continue to be available for pension provision. Existing RAC policy holders will be permitted, by mutual agreement and subject to specified requirements (to be set out in Regulations), to transfer assets from a retirement annuity contract to a PRSA.


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## d53 (1 Dec 2004)

*Re: Transfer from personal pension to PRSA*

Clubman

Regulations have not been made, and it is my understanding that therefore transfers are not allowed.

d


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## ClubMan (1 Dec 2004)

*Re: Transfer from personal pension to PRSA*

*Regulations have not been made, and it is my understanding that therefore transfers are not allowed.*

I see. I guess that this clarifies matters?



> Pensions (Amendment) Act, 2002 (Section 125) (Commencement) Order, 2003
> 
> S.I No. 359 of 2003
> 
> ...


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## d53 (1 Dec 2004)

*Re: Transfer from personal pension to PRSA*

Thanks Clubman - you learn something every day

d


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## RAIPI (3 Dec 2004)

*Re: Transfer from personal pension to PRSA*

I think you may have misunderstood the PB reference. My understanding is that you CAN transfer from a PPP to a PRSA ..its just that there isn;t any current regulations to comply with as the PB saw no current need to make such regulations. So in other words you can transfer but the current regulations are nil.

If the PB had intended not to allow such transfers why would they have invoked S125(1) in the first place? It wouldn't make sense to invoke a secton and then styme it by not making regulations.

So clearly the intention is that you can transfrer at the moment if you want to ..if PB sees abuses or issues that arise they may make regulations in the future but there's none today.


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## ClubMan (3 Dec 2004)

*Re: Transfer from personal pension to PRSA*

Interesting. But as I asked before is this still a moot point or are any pension providers actually facilitating such transfers in practice at the moment?


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## RAIPI (3 Dec 2004)

*Re: Transfer from personal pension to PRSA*

Yes is the answer ..but it depends on size of funds.


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## ClubMan (3 Dec 2004)

*Re: Transfer from personal pension to PRSA*

OK - thanks.


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