Emigrated ,,, 2 small occupational pensions, What are my options ?.

[Mapara]

Hi this is a question for a friend.......
I have 2 small occupational pensions with a combined value of about €30k, from 2 separate Irish based companies.
I have now emigrated to the States and plan to put down roots here, I am aged 30 and it's a strong possibility I will not work in Ireland again,so just wondering what my best options might be for both pensions going foward ?

 

[Steven Barrett]

You have to leave them where they are. The US won't allow you to move them across. Some life companies may allow you to move them to a buy out bond (policy in your own name) with them. Other providers will only accept the transfer if you are likely to return to Ireland (you have to fill out a form showing them why you would return). If you leave them with your employer, make sure you keep up to date of where the money is. Pension schemes move providers all the time and/or companies close/ merge. It is very easy to lose track of that money over the next 20-30 years.


Steven
[broken link removed]

 

[Mapara]

Would it ever be possible to combine them in the one Buy out Bond? I think one is being administered by Zurich and the other by Irish life. She is just trying to simplify things and trying to keep track of them going foward.

 

[GSheehy]

Would it ever be possible to combine them in the one Buy out Bond?

No. Not in one bond, but you could have the two with one product provider/company.

Plus, I think that you should have attended to these before you left the Country as there may be an issue with 'selling' products to folk living in US from the product providers perspective.

Someone else might clarify that though.

Gerard

www.prsa.ie