Transferring old pension amount into new PRSA

D

dillons

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Hi,

I used to have a company pension and have approx €19K being held by the administrators of that pension. I am now looking at setting up a standard PRSA (looking for cheapest) and am wondering if I will be able to transfer in the €19K?? Some have told me no, there is a limit of 5K on transfers, is this the norm?
If so, what are my options re this 19K?? what can I transfer it into or do with it?
Appreciate the advise....
 
I think that the 5K limit may have been increased to 10K and this limit refers to the amount that (in theory, whatever about in practice) can be transferred from an occupational scheme into a PRSA without the need for an actuarial analysis/statement that this is the most appropriate course of action for the individual. Over this threshold such a statement is required and since there are only a handful of people qualified/authorised to issue such statements and they cost several thousand in fees, in practice the transfer of an occupational fund above the threshold is, in most cases, a moot point. If you check the Pensions Board website you might find more authoritative information about this but I think that my explanation above is more or less on the right track if not 100% accurate. If in doubt get independent, professional advice.
 
You can transfer the €19K into a Personal retirement Bond, or Buy Out Bond - a lump sum pension investment of your choosing.

Liam D Ferguson
 
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