2 executive pensions?

[Bettyk]

Would anyone know is it possible to have 2 exectuve pensions for 1 director?

When we set up a company I wasn't thinking and needed to get money into a pension so just went with Bank of Ireland.

Now 2 years later looking at charges and they are quite high.

Is there a benefit to keep it and put in a minimum amount and open another with a not tied agent? Is it possible to have 2 for same person?

Thanks
S

 

[Conan]

No problem, you can have as many Executive Pensions as you want, provided the combined total level of contributions does not exceed Revenue limits - ie will not provide benefits in excess of Revenue limits.
If you open a new arrangement you can either:
- transfer the value of the existing plan into the new one, or
- keep both going at the same time (diversifying your investment manager risk).