pensions

[rep21]

I have switched employment in the past 2 years and had to move my existing company pension.I have invested the entire amount into a friends first uk property fund.I now have built up an amount of money in my new employment and i would like to put it towards amy pension.Can i open up a new pension or am i restricted to investing it with friends first I have been reading about Quinn Life funds,is it possible for me to invest the money there and control it myself

 

[ClubMan]

I have switched employment in the past 2 years and had to move my existing company pension.I have invested the entire amount into a friends first uk property fund.

Is this in a buy out bond or the new employer's pension scheme? Are you contributing to any pension scheme at the moment?

I now have built up an amount of money in my new employment

Do you mean in the current employer's pension scheme?

Can i open up a new pension or am i restricted to investing it with friends first I have been reading about Quinn Life funds,is it possible for me to invest the money there and control it myself

You can have more than one pension fund at any point in time. As far as I know you can even contribute to more than one and get tax/PRSI relief as long as total contributions are under your age related tax relief limit. For example contributing to an employer scheme in order to benefit from employer contributions while having a separate PRSA for AVC contributions is not unknown. The slight hassle is that for contributions not made via payroll you have to claim tax and (separately) PRSI/health levy relief manually.

 

[rep21]

Sorry i meant to say it was a buy out bond and i am not in my new employers pension scheme

 

[ClubMan]

Why not? Do they not match any employee contributions at all?

In any case there is nothing stopping you from having another pension open but you will have to claim tax and PRSI relief manually.

 

[rep21]

I can get these contributions deducted via payroll would that entitle me to claim tax relief via payroll

 

[ClubMan]

Fair enough - that's a lot handier if possible. Is it the case that your employer operates an occupational scheme but will also facilitate your access to, say, a PRSA? Do they match any level of employer contributions? If they do then you might want to contribute at least enough to gain the benefit of these.