Transfer from Personal Pension to Occupational Scheme?

L

Lucretia1

Guest
Does anyone know if it's possible to transfer monies from a Personal Pension to an Occupational Scheme? New Occupational Scheme has the same fund manager as existing Personal Pension but far lower charges.

If it's possible, does this action forfeit ARF rights at retirement (not a 5% director) or would a transfer from a Personal Pension be treated as an AVC and still have ARF rights?

Thanks.
 
Does anyone know if it's possible to transfer monies from a Personal Pension to an Occupational Scheme?

As far as I know current pension legislation does not allow for this.
 
Re: No can do.....

Thanks gents. Any of you got links to official verification of this? I'm getting conflicting stories.
 
Re: No can do.....

[broken link removed] by our own Liam D. Ferguson also mentions this restriction in case that's of any use. I presume the most authoritative source of information is this is the relevant pension legislation/Finance Act?
 
Transfer from personal pension to occupational scheme

As everyone else has said, these transfers are not allowed. Anyone with any knowledge of pensions should have been able to tell you: the rule has been in place for forever. If you want confirmation from the source, call the Revenue, Retirement Benefits District.

d
 
Transfer from PP to occupational pension scheme

While you can’t transfer from a Personal Pension to an occupational pension scheme (for some reason best know to Revenue, now lost in the mists of time) you can do an indirect transfer as follows :

Personal Pension Plan to PRSA
PRSA to occupational pension scheme
PRSA can’t by law take any charge from your transfer in or out.
However you may suffer acharge on transfer into occupational pension scheme; it depends on the nature of the scheme.
 
Re: Transfer from PP to occupational pension scheme

Personal Pension Plan to PRSA
PRSA to occupational pension scheme

While these are allowed in theory are there any providers facilitating them in practice?

As ever when deciding whether or not to transfer one fund to another you should be clear on the tangible benefits (e.g. in terms of lower charges, easier administration, better choice of funds etc.) that will accrue from doing so first.
 
RAIPI - if one takes the circuitous route you mention (Personal Pension to PRSA to Occupational Pension Scheme), do you know if such a transfer would be seen as an AVC or an ordinary contribution when it comes to retirement. In other words, would one be able to invest the proceeds into an ARF?

If not, I would say this could be a deterrent to effecting such a transfer.
 
a similar problem

I have a personal pension, with no commission. The only charge is 190 pa fixed fee.

I may have the chance of joining an occupational pension. If I leave the personal pension paid-up, sure the 190 pa fixed fee will slowly but surely eat up the fund.

This is very bad, I would prefer to transfer the personal fund into the occupational fund.
 
Transfer from personal pension to PRSA

RAIPI - your suggested route will not work: it is not permitted to transfer from a PP to a PRSA, AFAIK specifically to stop what you suggest.

d
 
Re: Transfer from personal pension to PRSA

it is not permitted to transfer from a PP to a PRSA

According to the [broken link removed] it is permitted (unless this information is out of date?):

 
Re: Transfer from personal pension to PRSA

Clubman

Regulations have not been made, and it is my understanding that therefore transfers are not allowed.

d
 
Re: Transfer from personal pension to PRSA

Regulations have not been made, and it is my understanding that therefore transfers are not allowed.

I see. I guess that this clarifies matters?

 
Re: Transfer from personal pension to PRSA

Thanks Clubman - you learn something every day

d
 
Re: Transfer from personal pension to PRSA

I think you may have misunderstood the PB reference. My understanding is that you CAN transfer from a PPP to a PRSA ..its just that there isn;t any current regulations to comply with as the PB saw no current need to make such regulations. So in other words you can transfer but the current regulations are nil.

If the PB had intended not to allow such transfers why would they have invoked S125(1) in the first place? It wouldn't make sense to invoke a secton and then styme it by not making regulations.

So clearly the intention is that you can transfrer at the moment if you want to ..if PB sees abuses or issues that arise they may make regulations in the future but there's none today.
 
Re: Transfer from personal pension to PRSA

Interesting. But as I asked before is this still a moot point or are any pension providers actually facilitating such transfers in practice at the moment?
 
Re: Transfer from personal pension to PRSA

Yes is the answer ..but it depends on size of funds.
 
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