Moving from permanent to contracting and my existing pension

[JamesGJFX]

I have an existing pension with approximately 50k in it from when I was permanently employed. I paused for a couple years over the pandemic as my wife and I decided to build up our savings for a deposit.

The deposit is adequately built up now and I'd like to get my pension back on track.

My initial thought is to start a PRSA with Irish Life and try to move my existing pension over so I can keep everything in one place for convenience.

Do I have the right thinking on this?
Should I be looking at a different pension type?
Do I need to worry about moving my existing pension?

Apologies if this is a bit scattered, but I really struggle with stuff and any help would be appreciated.

 

[ClubMan]

You should start by reading some of the guides on the Pensions Authority website to understand things better. And then read some of the existing threads here about pensions. For example:

Transfer of benefits - pensionsauthority

Pension arrangements generally allow you to transfer your pension benefits from one arrangement to another. The transfer rules depend on the arrangement you are transferring from and the arrangement you are transferring to.

www.pensionsauthority.ie

Even even "merging" pensions is possible it's not necessarily a no brainer to do so as there are pros (e.g. simpler administration, lower charges etc.) and cons (e.g. "fragmented" pensions may offer flexibility that a "consolidated" one does not, higher charges etc.).

 

[RetirementPlan]

Focus on charges - I wouldn't move funds for convenience. If you can get a significantly better deal on annual charges by moving, go for it.

 

[JamesGJFX]

You should start by reading some of the guides on the Pensions Authority website to understand things better. And then read some of the existing threads here about pensions. For example:

Transfer of benefits - pensionsauthority

Pension arrangements generally allow you to transfer your pension benefits from one arrangement to another. The transfer rules depend on the arrangement you are transferring from and the arrangement you are transferring to.

www.pensionsauthority.ie

Even even "merging" pensions is possible it's not necessarily a no brainer to do so as there are pros (e.g. simpler administration, lower charges etc.) and cons (e.g. "fragmented" pensions may offer flexibility that a "consolidated" one does not, higher charges etc.).

Ok thanks for this I'll take a look at both

 

[ClubMan]

What sort of pension is the existing one? Occupational, PRSA, other? What charges apply - in particular annual management charges and any other ongoing charges? Who is the intermediary? Who is the underwriter? What funds are available and what is it invested in? What age are you? How long were you in the scheme?