Pension Query - Should I Consolidate All My Pensions?

LMcGee2019

Registered User
Messages
2
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.
 
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.
 
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.