Prsa avc

[kk064]

I recently signed up to my employer's Occupational Pension Scheme and I also have a couple of standard PRSAs.

I wish to continue with my PRSAs alongside the occupational pension. Is it correct that to do this I need to set up new stand-alone PRSA AVCs (effectively replacing the standard PRSAs), contribute to these personally rather than via my employer and leave the standard PRSAs dormant?

Any guidance/advice would be appreciated.

 

[Baracuda]

You should contact your PRSA provider and they should be able to provide you with a form that has questions about your new employer pension scheme. This form will allow the PRSA provider to "convert" your PRSA to a PRSA AVC.

That all said, your employer may have an agreement in place with the pension provider which offers active members lower charges so you should investigate this option before you make any decisions.

 

[kk064]

Hi Baracuda, Thanks for that, sorry I didn't see your reponse until now. I had been checking in for the first week or so and had given up on it (though your response is dated the same day?). The providers initially weren't very forthcoming and referred me to the introductory agent. Unfortunately he couldn't offer any guidance either due to being 'execution only'.

Anyway I eventually managed to discern that some providers (Irish Life) can convert to PRSA AVCs and some cannot or will not (Zurich and former Quinn). It would seem that I will have to leave dormant the PRSA that cannot be coverted, set up a new PRSA AVC in its place (assuming I wish to continue) and perhaps transfer the dormant to the new one.

The charges are slightly lower on the occupational scheme, however I'd like to also keep a couple of other schemes going for diversifation reasons. Thanks again.