Advantages & disadvantages to having multiple pensions over one

O

oilmoney

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I am self employed (own ltd company) and have a PRSA with new Ireland with annual charges of 1-1.25% depending on the fund. I have found new Ireland extremely slow and difficult to deal with over the last while, for example the internal transfer of a previous executive pension to prsa still hasn't been completed 7 months after signing the forms.
I am now in the position where I am looking to increase my contributions and am wondering whether to increase the contribution to this policy or to set up another policy, likely an execution only one with Zurich. Currently i am leaning towards the idea of setting up the second policy and putting any additional contributions in here
My query is really are there any major advantages or disadvantages to this approach?
 
One advantage is that it gives additional flexibility with regard to being able to retire different pensions at different times rather than it being a once-off all or nothing decision how and when to draw down retirement benefits.
 
Ok, sounds like there's no real advantages or disadvantages so. Might go ahead and set up the second one so and see how it goes. Presumably I should be able to combine at a later date without too much hassle if I choose to
 
ClubMan said:
There are advantages as have already been outlined!
Click to expand...
What I meant was that as per GSheehys comment, splitting can also be done with a single prsa at a later date too. So there doesn't seem to be much difference between the approaches really.
 
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