transfering fund from old personal pension scheme to... anywhere...

D

davidbrpr

Guest
[FONT=&quot]Hi,

4 years ago I subscribed to a private pension from Scottish provident. I then fed it for 2 years until I joined a company offering a corporate pension scheme.

Since then, it seems that Scottish Provident closed its business for new Irish customers and that it now only keeps a skeleton crew to support existing customers. i find it extremely difficult to get my requests executed and to get properly informed on the state of my fund. I reached the stage where I’d really like to pull out of this scheme.

I have tried to transfer the fund value to my current company pension scheme but was told that it wasn't possible. When I then asked what other options were available to me I was given the silence treatment. Nor Scottish Provident nor my current pension manager ever replied.

So, would anybody know what I could do to move my money out of the Scottish Provident scheme?

Thanks,
David[/FONT]
 
Hi David & All,

I hope you dont mind me jumping in on this thread as I've a similar question. If not then let me know and I'll create new separate thread.

I have just received a letter regarding a company pension plan from a previous job. The plan is to be wound up and I have a couple of options available to me. I currently have an active personal pension plan. The options I see that are applicable are:

1) Transfer to a "Buy Out Bond"
2) Take a refund
3) Transfer to a PRSA. I assume this can also mean my personal pension plan.

Option 2) means I would loss my employer's contributions so I dont fancy that.

Option 1), I searched the forum for buy out bond but didnt find anything. Can anybody explain what this is exactly?

Option 3), The letter refers to limitations that would restrict the transfer to a PRSA (such as a €10K limit & participating in the plan for > 2 years). As I dont have a PRSA do these restrictions still apply to transfering the balance to my personal pension plan?

And finally what would people think my best/perfered option to be. I'd imagine option 3.

Thanks

S.
 
First of all - you cannot transfer benefitsfrom an occupational pension scheme to a personal pension plan.

Buy out bonds are also known as personal retirement bonds. They are effectively a once off purchase, using your transfer value as the investment. You cannot pay further contributions into them. All the insurance companies have a PRB and offer a range of investement funds.

As for Scottish Provident - they have a very poor level of service and generally takes anything up to 8 weeks for a value to be issued. One thing to be careful of is it they apply a market value adjustment to your transfer value - effectively they may cut the value for its early encashment.

Finally - you can transfer into a PRSA without the need for certificates of comparision, if you are transferring less than €10000 or less than 2 years service. If you have more than 15 years service, then you cannot opt to transfer to a PRSA.
 
Hi,
I have a similar problem: I worked for a company where I joined the company pension scheme with Irish life. The pension is resting now after two years of contributions, whereas I had to take out a new pension plan, a PRSA (also with Irish life) to receive any contributions with my new employer. I also have a small Managed Fonds Saving plan. But I think that I have "just a few eggs in too many baskets", all these are rather small sums and I have to pay all the management fees with no substantial gain at the end of it. I'd also like to invest a lump sum that I will receive from my SSIA (highest contribution) for the future next year, but I find it hard to understand what my options are to protect it from tax and make the most of my savings for future investment. I get offered alot of saving plans, but what could I do with a lump sum? Where do I find plans that allow an initial high investment to top it up with savings by monthly payments later. It would be ideal to be allowed to put the SSIA into the PRSA with all tax benefits, but I don't think it will be that easy???
Regards,
Fanny
 
You could use your SSIA to invest in the PRSA, however you will be restricted by the age limits as to the amount you can save in any one year e.g. Age to 30, 15% of earning, 30 to 40, 20%, 40 to 50, 25% and 50+, 30%. You can claim rax reliefs up to these limits in the basis of your current rate, 20% or 42%.The government might do something to persuade people to use their SSIA, for example grant relief to everyone at the higher rate. You could also surrender your savings policy (make sure to check to cost of doing so isn't prohibitive) and invest that in your PRSA.

There are many other savings options, but tax wise putting into the pension is the best solution.
 
I was in a similar situation a few years ago and got similar options:

1) Transfer to a "Buy Out Bond"
2) Take a refund
3) Transfer to a PRSA.

However, as far as I can remember, the third option was to transfer into a new employers pension scheme.

I instead set up my own company (contracting), with my own Executive Pension Plan (EPP) and haven't looked back since.

Hope this is of some help.
 
As I am just working part time at the moment the big hurdle is the max. amount I am allowed to invest into my pension at this time, it would be great if I could put the SSIA into a pension tax-free... I was advised to let the company pension (small sum, ca. 4000 EUR with Irish life) rest, but I'm not quite sure if it is a good idea, and I don't manage to get any solid lump sum into any of my pensions. As I have hopped around between countries and was a student for many years, it will be hard to qualify for the 100% state pension as I won't get the years together. So I end up with savings that I cannot transfer into pensions without being taxed twice (!) Any idea how I could go ahead to solve this?
Fanny
 
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