I would say yes, once you convert the value of your DB pension to a PRSA your previous employer has no further interest, so any written agreement that you had with your employer does not come into effect. But ask the pension trustees.
Like with maths problems in school, you got the answer right but the reasoning is wrong, so partial marks
If you have waived your right to a tax free lump sum, you cannot get it under the current scheme. If you take a transfer value and transfer it to another occupational pension scheme or a buy out bond, they ask you if you have previously waived your right to the lump sum on the form. A PRSA does not ask this question.
It is widely accepted that if you transfer from an occupational pension scheme to a PRSA, you regain the right to the tax free lump sum where you have waived that right previously. The Revenue are well aware of this loophole and have mentioned closing it a few times but it hasn't happened yet.
If you are transferring from an occupational pension to a PRSA, you have to get a comparison of benefits done (unless the scheme is winding up or the value is less than €10,000). It cost €1,500 for a DC pension and more for a DB one (I can't find the price off hand).
The question then is if the Revenue do close the loophole, will it be done retrospectively? You can't know for certain but it would be administratively difficult to go back through all the transfers into PRSA and find out which policyholders waived their right. It would be a lot simpler to just add a line to new proposals asking whether the policyholder waived their right.
Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)