Leaving work pension, can I transfer to a new personal pension?

L

Lulu123

Registered User
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142
Hi there,

I know very little about pensions so hoping someone can answer my query. I recently resigned and am now working for a small company with no pension benefit. I had a pension with my previous employer (for 7 years) If I set up my own pension can i transfer my previous pension to this.

Thanks in advance
Lulu123
 
There are some restrictions on transferring an occupational pension into a PRSA. See www.pensionsboard.ie for some info. There is nothing wrong with leaving the original pension invested or transferring it to a buy out bond/pension retirement bond standalone pension investment while also having a private pension/PRSA for ongoing contributions - i.e. there is nothing necessarily wrong with having multiple pensions like this and you should only "merge" pensions if it is possible and there are tangible benefits as a result (e.g. lower charges, better choice of funds, easier administration etc.).
 
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