Merge Pensions

[phoenix_n]

Hi,

I have a pension with BOI and with AIB. The one with BOI is an old one where i put in a lump sum once. I would like now to transfer that to my AIB pension.

What is the easiest way to do this ? Just call up BOI and give them my AIB and all will be done ........

Thanks........

 

[ClubMan]

Are these two separate personal pension plans or some other form of pension plan (e.g. PRSA, occupational pension plan, buy out bond etc.) ? That could be relevant to whether or not a merge is possible. Also - be sure to check what the impact of merging might be in terms of transfer and ongoing charges and fund selection etc. Merging pensions is not always a no brainer. It may make things easier from an administrative point of view but ideally it should also mean that you pay the same or even lower charges and have a better fund selection to choose from. Some might argue that keeping them separate could also be good from a diversification point of view. If in doubt get independent, professional advice. Don't depend on either tied agent for independent advice as they have a vested interest in keeping your business and getting you to transfer to them. If you bought these pensions through a broker then it may be that they should be advising you but make sure that they too are independent otherwise speak to somebody who is.