Pension Query - Should I Consolidate All My Pensions?

[LMcGee2019]

Hi all, I am looking for advice please.

I am 62 and I have €290,000 in total in 4 different pension funds with 4 different providers (Irish life, Aviva, Zurich, Friends First) in a PRSA. 3 of the 4 funds are in cash and the fourth fund has about €30,000 in the Friends First Irish commercial property fund. I think I am paying about 1% a year fund management charges to the different providers, so my funds are losing about €3,000 a year. I am wondering should I move the four PRSA’s to my current employer’s defined contribution pension scheme as I think they only charge 0.13% management charge per year for the cash fund in my scheme. I currently have €125,000 in this company scheme.

Are there pros and cons for moving my funds to the company scheme? I have no intention of going into an annuity at 65 due to health circumstances, I would like to take the maximum in cash and the rest in an ARF once I retire.

 

[RedOnion]

If you want the funds in cash, have you looked into accessing funds now from the previous pensions?

Cash funds within a pension scheme are currently earning negative rates, in addition to the fund charge.

 

[LMcGee2019]

If you want the funds in cash, have you looked into accessing funds now from the previous pensions?

Cash funds within a pension scheme are currently earning negative rates, in addition to the fund charge.

Hi RedOnion

In what way would you recommend accessing funds now? Just to add further context I am still in full time employment and taxed at the higher rate so I would not want to draw money from the pensions that would be subject to tax. If there is a way to take tax free lump sums at my age I would be happy to. Thanks for your input.