pension advice please

[Midsummer]

Hi - I've left my current job (redundancy) and I have a choice of what to do with my pension:

1. Keep it where it is and get a small pension from it at 65 of €1,450 (which probably wouldn't be worth it due to inflation etc. could be the same as getting a tenner a year)...

2. Take a lump sum (I presume this has to go to another fund & can't be taken in cash) as well as still receiving a smaller amount of 800 p.a. on retirement

3. Transfer to another approved pension scheme / approved insurance scheme.

Anyone know where I could get information on no. 3 ? Would anyone recommend what to do exactly ? It's only a small amount - pity I can't just take the cash which would be my first choice.

Thanks
M

 

[alan.caulwel]

what is the current surrender value of your pension fund ?
that is the total available for transfer.
it may be better to leave the funds within your ex-employers pension scheme

 

[Don_08]

THe €1450 will increase in line with inflation capped at 4% per annum so will keep pace with inflation.

THe lump sum plus reduced pension you refer to is only an option at retirement.

If you transferred it out to a PRSA for example you will be taking on the investment/mortality risk etc - and you may not get the guaranteed pension that you have now.

It is also worth checking the funding position of the scheme - any transfer value given may be reduced, so not advisable to take in this situation.

You can transfer that pension at any time between now and retirement so no decision needs to be made immediately. Wait til you get another job and start up a new pension and look at it then.