PRSA and 2x PRBs - What are my options ?

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I have a PRSA which i contribute into and 2 Personal Retirement Bonds from previous employment pension schemes - combined value to-date is 395k

All are with Irish Life.

Can I combine the the PRBs into the PRSA ?

At retirement, do i use them separately to provide pension benefits ? ie mix of ARF, annuity, lump sums.....

Do i have to stay with Irish Life for all the pensions?

I am 59 and looking to retire at 62 if possible
 
PRBs can't go to PRSAs and PRSAs can't go to PRBs.

Usually at retirement, you mature them and put them into an ARF (after tax free cash). Personally, I don't see the need to have more than one ARF. Of course, you don't have to mature the policies at the same time and can do them individually over time.

Do you stay with Irish Life? If you talk to a tied agent of irish Life, they can only advise on Irish Life products. I don't use them as their funds aren't as good as others and their contracts are more expensive.

You still have a few years to go but it is always good to plan in advance. Instead of planning on the products, think about what you will do in retirement, how much will I need, do I have enough money?


Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)
 
Be aware that having pension savings "fragmented" across multiple policies can actually be beneficial. For example, allowing you to retire different policies at different times rather than it being a once in a lifetime decision. I only learned about this flexibility in recent years when I was considering consolidating everything into one policy. Now I deliberately have things "fragmented" in order to give me the option of such flexibility. However, if any of the policies has high charges then moving or consolidating might be an option to consider.

Edit: maybe I'm just reiterating some of what @Steven Barrett has already posted... :⁠-⁠)
 
Thanks Steve/Clubman...

Sounds like its best to keep them all separate. I like the idea of maturing them at different times - as needed.

So...
- Take the tax-free lump sum from one of the pensions
- Mature the others with different providers, and at different times - maybe an annuity and an ARF.
 
Might still be worth sounding things out with an adviser (independent and not a sales person) just to make sure that things are in order for your specific circumstances. I always found the different rules regarding when you can draw down etc. confusing with regard to the different pension options. I have a PRSA (deliberately split into 4 policies ) representing c. 90% of my total pension cover, a paid up personal pension plan, and a PRB, but I can never remember which can be drawn when. :) But my broker/adviser explained it to me before and it's all in order.
 
One question that comes to mind with the tax free cash, if you are maturing these at different times.
Can you take upto 25% each time you mature these policies or is it a one shot tax free go, ie you can only do that on the first one that matures? Or is it possible to save the tax free lump sum and take it at the end, for all the pensions, when the last one matures?
 
Andynb said:
One question that comes to mind with the tax free cash, if you are maturing these at different times.
Can you take upto 25% each time you mature these policies or is it a one shot tax free go, ie you can only do that on the first one that matures? Or is it possible to save the tax free lump sum and take it at the end, for all the pensions, when the last one matures?
Click to expand...
You can mature each one separately and take the 25% cash from each policy as you encash them.
 
Andynb said:
One question that comes to mind with the tax free cash, if you are maturing these at different times.
Can you take upto 25% each time you mature these policies or is it a one shot tax free go, ie you can only do that on the first one that matures? Or is it possible to save the tax free lump sum and take it at the end, for all the pensions, when the last one matures?
Click to expand...
25% of each subject to the €200k tax free limit as usual.

Edit: post crossed with @Conan's.
 
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