Re: Transferring of Pensions - not sure what to do??
Hi Kerbs,
similar situation here, I have a frozen Mercer Irish Life pension with a previous employer, and have set up a PRSA with the next company (also Irish Life, same fund, different pension, different charges). One of the reasons for setting this up was the promise of flexibility because I knew I would probably go down the road of self-employment some day in the future. Even the Mercer Irish Life pension sounded flexible at the time but I was surprised that my new company was with another provider, and as I knew I'd only stay 2/3 years I opted for a flexible "low cost" PRSA instead. At the moment I consider setting up yet another pension with Quinn Life, because I cannot roll over SSIA into the frozen Mercer pension and the PRSA seems rather expensive with a charge of 5% on lump sums. Alot of people say it's not a disadvantage to have frozen pensions but if I need to hire an accountant because of frequent job changes and new government programmes and a lack of compatibility that does not exactly help to promote the ease of private pensions, does it?
Fanny