What to do with pension (7 years paid in) after leaving job

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paperclip

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I had a pension with my job for about 7 years. Left the job and moved abroad about 4 years ago.

I know I can't touch it until I'm 55?

Anyway, should I just leave it with them, or should I move it somewhere else.

Have no idea how much is in there... it's all wrapped up in some investments, so ye...
 
For an employer based scheme, you can access it from 50, with the trustees permission.

Your options are:

Leave it where it is. It will stay invested until you draw it down. Keep the company/ trustees up to date with your address and you keep up to date with them. Companies close or merge all the time so it is important to keep track of them.

Transfer it to a policy in your name. You have complete control over investment strategy and where it is invested.

Transfer it to where you are now living - need permission from the Revenue to do this as they want to make sure that the receiving country has proper pension rules.


Steven
www.bluewaterfp.ie
 
paperclip said:
I had a pension with my job for about 7 years. Left the job and moved abroad about 4 years ago.

I know I can't touch it until I'm 55?

Anyway, should I just leave it with them, or should I move it somewhere else.

Have no idea how much is in there... it's all wrapped up in some investments, so ye...
Click to expand...

I'm in a similar situation but have a new job with pension also. I'm 41 so happy to have reasonable level of risk at this stage. Now considering transferring old pension to new scheme as annual fees are lower. Old job pension Aviva is 0.75% and new job pension is 0.37% for Irish Life Consensus fund. However I have just been told that if i transferred old pension to a personal retirement bond I could get a top up allocation rate of maybe up to 4% depending on the fund but annual fees tend to be higher at approx 1% for something like Standard life which apparently is very good. Also you are only tied to this for 5yrs so can move it again and get another top up rate which sounds very positive and attractive.

I would appreciate if people could comment if this advice is correct.

If moving to new scheme I'm thinking about Zurich Dynamic fund 0.65% and Mercer Balanced 0.55% which I think is Irish life also. Both apparently are good funds and still cheaper than old job pension which is Aviva.

Appreciate any comments on any of this.

Thanks
 
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