Options with pension after leaving employment

Hello, I recently left employment with a company in Sep last year and had an accumulated pension of approx €125k

I received a letter from them this week requiring me to complete a form to administer my leaving service benefits with 4 options

1. Transfer Payment to new companys plan
2. Deferred Retirement Benefit from the Plan
3. Transfer amount to Buy out Bond
4. Transfer to PRSA

1 is not an option at the moment as I'm doing contract work and there is no pension available to me while on this contract. If I am made permanent that will change but who knows

I also have a personal pension that I have that hasnt had any investment into it for over 10yrs with a value of about €50k

Not looking for any financial advice here but maybe some peoples opinions who may have been in similar situations etc and what they did or what are peoples thoughts?

Thanks

Leave it where it is or transfer it to a Buy Out Bond. They will be gone in the future but they are cheaper than a PRSA which will be the default product in the future. You always have the option of transferring it to a new employer scheme in the future.

If leaving it where it is, always make sure the administrator has your up to date contact details. Likewise, make sure you keep up to date with who the administrator is. Schemes switch administrators and insurers all the time and your fund can't be moved to another provider without you being notified.


Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)

Thanks

If I transfer it to a buy out bond, is it locked into it if I start a job with a pension?

I have a login to the company that manages it so I can access it whenever I like at the moment