Merge Pensions

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........

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.