2 small private pensions --Change to PRSA?

[Madangan]

Hi all,
Looking for some advice..pensions are a mystery to me so be gentle!

I am in my late 30's,about 7 years ago I set up in quick succession 2 small private pensions(I dont know why it seemed like a good idea at the time)( none of my employers have ever had pension schemes). On one I now pay in circa €350 per month and the other €200 per month.

I presume that as I pay fees to both that I would be far better consolidating my payments into one or other ?

If so do I simply let the other be "paid up" or is there any mechanism where I could transfer the fund to the other one?

One of the companies(irish life) sends me details each year as to my fund,what its worth now what that means now estimates of future worth etc..the other company (canada life)sends me a birthday card each year but no info on my pension : )
are they obliged to or not?

Finally is there any advantage to me setting up a prsa now rather than continuing with one or other of the other pensions, I expect to be changing employment very shortly and salary may be a bit tighter for a while so now is the time for me to review matters but I dont want to stop making pension payments altogether but a bit of flexibility would be nice.

AnY advice (as jargon free as possible) would be appreciated

 

[ClubMan]

On one I now pay in circa €350 per month and the other €200 per month.

Are you getting tax/PRSI relief on both? I thought that you could only claim such relief (separately) on one but maybe if the total contributions to all such pensions are below your age related relief limit then it's OK?

I presume that as I pay fees to both that I would be far better consolidating my payments into one or other ?

Depends. What charges are you paying on each?

If so do I simply let the other be "paid up" or is there any mechanism where I could transfer the fund to the other one?

You should be able to consolidate personal pension plans if you choose. Not sure about transferring them to a PRSA though.

One of the companies(irish life) sends me details each year as to my fund,what its worth now what that means now estimates of future worth etc..the other company (canada life)sends me a birthday card each year but no info on my pension : )
are they obliged to or not?

I thought that they were obliged to send you at least annual statements especially when you were still making contributions to the fund. Does either provider provide online access?

Finally is there any advantage to me setting up a prsa now rather than continuing with one or other of the other pensions, I expect to be changing employment very shortly and salary may be a bit tighter for a while so now is the time for me to review matters but I dont want to stop making pension payments altogether but a bit of flexibility would be nice.

As above - I'm not sure if you can transfer personal pension funds into a PRSA. Check the Pensions Board website maybe.

 

[Madangan]

Thanks for the prompt reply,Clubman!
I have been claiming tax relief on both and have not had any probs but I am well under the max for tax relief at present. Have not claimed prsi back(until recently I was not aware I could!! but as I have a few bits n pieces to claim refunds on intend to do this now this summer,I presume I can only go back 4 years?

I will check out what the charges are and will decide then,your reply seems very obvious now that youve said it but never occurrred to me(sad I know)
I have never got any written info from canada life since I started(other than a letter telling what my increased payment will be(taking into a/c the indexation option) on the anniversary of the policy. I dont even know what kind of fund Im in iwth them Irish life (or their pr dept) are much better in this regard. In this regard any suggestions of what I should actually ask would be much appreciated..for some reason pension jargon is almost incomprehensible to me while most other forms of jargon come naturally to me.
Aso Ill check out the pension board website but for the above reason with a little bit of trepidation,

Lastly not sure about on line access..will enquire

 

[ClubMan]

Have not claimed prsi back(until recently I was not aware I could!! but as I have a few bits n pieces to claim refunds on intend to do this now this summer,I presume I can only go back 4 years?

I think so. If I recall correctly PRSI relief for standalone pensions came in for the 2003 tax year. See here:

Claiming PRSI relief on standalone PRSA contribution

I will check out what the charges are and will decide then,your reply seems very obvious now that youve said it but never occurrred to me(sad I know)

Transfer/consolidating is rarely a no-brainer and should only be done when you are clear what specific tangible benefits accrue (e.g. easier administration of one versus several funds, lower charges, more suitable funds, better service including online access etc.).

I have never got any written info from canada life since I started(other than a letter telling what my increased payment will be(taking into a/c the indexation option) on the anniversary of the policy. I dont even know what kind of fund Im in iwth them Irish life (or their pr dept) are much better in this regard. In this regard any suggestions of what I should actually ask would be much appreciated..for some reason pension jargon is almost incomprehensible to me while most other forms of jargon come naturally to me.

You should write to both asking for details of your current situation (e.g. contributions to date, current transfer value, charges applicable - both initial and ongoing etc.) and asking why you have not received regular statements.

If in doubt about anything (especially after reading the PB website and other threads here on AAM) then perhaps you should get independent, professional advice.