Transfer Pension to Executive Pension plan

ClubMan said:
But what if he is certain that he was correct but he is simply wrong?
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Then I wouldn't be asking the question here instead I'd be stuck in a mess down the line . He expressed his opinion but admitted he wasn't certain. I was in a company scheme but am not certain if all company schemes are occupational scheme - I owned the pension from day one, there was no qualifying period before I could take it with me.
 
DirtyH2O said:
He thought that Revenue do not allow it as I would be claiming a refund of 2005 PAYE for contributions being made to an executive pension.
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I'm working with a large Insurance and Pension company and I've asked a number of people here about this issue - brokers, actuaries, misc staff and they think I won't be able to make these contributions to my director's pension and will need to open a personal pension as well. I am thoroughly confused now.
 
This Director's Pension - is it related to an employment in your own company, an employment which involves a salary of €0?

If that is the case (i.e. salary of €0) then that would explain the problem?
 
CapitalCCC said:
This Director's Pension - is it related to an employment in your own company, an employment which involves a salary of €0?

If that is the case (i.e. salary of €0) then that would explain the problem?
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Thanks for the reply.
Yes it's my own company, salary isn't €0 but I'm trying to make an AVC to new director's pension and then reclaim tax I paid last year when I was PAYE worker against these contributions and also I was in that employer's occupational pension scheme at the time (2005) which people think might be a problem.
 
IMO you can transfer personal pensions into a prsa written under personal rules but the only prsa that can be transfered into an executive pension is a FSAVC PRSA which is written under occupational rules.
 
If you did not have earnings from your company in 2005, then I do not see how you can out an AVC to THAT plan for 2005, if you have two SEPARATE employments there is absolutely no problem with having two SEPARATE pension schemes.
 
CapitalCCC said:
If you did not have earnings from your company in 2005, then I do not see how you can out an AVC to THAT plan for 2005, if you have two SEPARATE employments there is absolutely no problem with having two SEPARATE pension schemes.
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OK that makes sense, I understand what you're saying. But as my old pension is closed for contributions since I left the company, I currently have nowhere to make AVCs to. So I need a third pension (PRSA\Personal) just to make this AVC for 2005?
Or I needed to make AVC before I left the job?
 
Well you can't do the latter!

Yea PRSA might be the best place...or start making conts from company to the EPP now or even start making AVCs now for 2006?
 
CapitalCCC said:
Well you can't do the latter!

Yea PRSA might be the best place...or start making conts from company to the EPP now or even start making AVCs now for 2006?
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Thanks for the clarification, I think I have the consensus opinion that I must open two pensions alright. I have spare cash so I thought it would make sense to bring myself up to the x% of 2005 salary allowed for my age band as each 1000 put in would only cost me c. 500 after rebate and I like the idea of loading up my pension at an earlier age. Provided I live to spend it of course.

I wanted to push my initial lump into EPP up to avail of enhanced allocation premium banding to the max, I'm about 3000 - 4000 short of the maximum. It's only 0.5% more I suppose but still.

really appreciate all the info you've provided. Hope business is good and busy as deadline approaches.
 
Thanks good luck with it...I hope that is a nil commission PRSA (and EPP)
 
CapitalCCC said:
Thanks good luck with it...I hope that is a nil commission PRSA (and EPP)
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107.5 alloc rate pre bid\offer apparently. Special offer this month at ES. No commission or flat rate as it's a favour but I'm sure broker's getting something somewhere but nothing I can see. He should get something for his time anyway.
I'm not doing a PRSA as mngt. fee was higher than a regular pension 1% vs 0.75% with less fund choices available.
 
"He should get something for his time anyway"

If only everyone on AAM was so fair minded!!!
 
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