Have private pension, now offered public sector pension

Hello,

for the past eight years I have been employed by a university on 2-year contracts, with no pension.

I took out my own private pension with Hibernian.

I have now been offered a Contract of Indefinite Duration from my employer, with the right to join the occupational pension scheme. The contribution rate is 6.5% of salary. Also, it's very likely that my last eight years of service will be credited to the pension.

My question is: what can I do with my private pension? I have heard of a buy-out bond? Or leave it paid -up?

A Buy Out Bond is only approprioate where you have monies accumulated in an Occupational Pension Scheme. You can simply stop contributions to your Hibernian pension and the fund will continue to grow (or fall) with your chosen Hibernian fund.

My personal pension has an annual fund mgt charge of 0.75%, which is OK, plus an annual plan charge of 190 euro. My fear is that while it is paid-up for 30 years, the 190 fee each year will eat away at the fund value, currently approx 10,000.

My other idea would be to switch to a PRSA, with the same company. Even if I had to pay 5% up-front, I should still save as all I'd have to pay ongoing would be the annual 1% fund mgt charge.

What does anybody think?

Can you transfer funds from a personal pension (or an AVC) to a PRSA?