Change of employment - advice on pension

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flavo

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I would welcome some advice on pension arrangements on change of employment. I am about to change employment from a small company for which I hold a PRSA to a larger company which has a pre-existing occupational scheme (defined contribution). My new employer will contribute a percentage of my gross salary as long as I contribute a similar percentage. The combined percentage is still within the maximum percentage allowable for tax relief. My questions are as follows;

1. After taking up the new employment can I contribute to both schemes simultaneously and still receive tax relief on both contributions?
2. Can the PRSA be transferred into the new scheme without incurring penalties?

Any other advice on navigating through would be very much appreciated.

Some details to help with replies, PRSA: AIB Employer PRSA from Ark Life, Age: 40.
 
Once you join your new employers scheme unless you have a separate source of income from another occupation you will have to cease contributing into your existing PRSA. You could set up an AVC PRSA which will allow you to fund over and above what you and your employers contributions are up to your maximum percentage for tax relief purposes.

You can transfer your existing prsa into your new employers scheme and you cannot incur penalties for doing so. typically speaking the charges on the employer scheme may be less than on your PRSA. Another area for consideration is investment strategy. this may be quite limited in the employers scheme and you may be able to access different kind of funds within the PRSA although fund choice within the PRSA is very limited when compared to a Persona Pension Plan.
 
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