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Pension Transfers

There are various reasons for Pension Transfers which can be very beneficial to you depending on your circumstances. If you have taken up a new job you may want to take your pension benefits with you; either to your new employer’s pension scheme, or move it to a Buy Out Bond in your own name. If you have multiple pensions from several employments, it may also benefit you to consolidate/combine them.

When transferring your pension, certain things have to be taken into consideration such as your age, current pension types, current contributions, the providers and estimated retirement needs.

To understand which transfer options will be most beneficial for you, it is advisable to first speak to our Pension Advisors as they will take into account your personal circumstances and advise you on the best course of action.

Pension Tracing Service

When leaving your employer or moving from one job to another it is important to consider the pension benefits that you have built up from your current employer or the multiple pensions from the previous employers and understand your pension transfer options available to you.

The transfer rules depend on the arrangement you are transferring from and the arrangement you are transferring to (your circumstances).

Transfer network:

Pension Transfer Options

 

 

 

 

 

 

 

We recommend speaking to a Financial Advisor first before making any decisions to ensure that:

  • You are made aware of any charges or penalties on the transfer out.
  • The transfer will not negatively affect your tax-free cash entitlements, or the draw down of your benefits.
  • You don’t lose out on certain benefits or features like guaranteed annuity rates, and bonuses, etc.

If you think you may have an old Pension but you are unsure, we can track down your Pension(s) and help you regain control of it.  See more  >>

 

UK Pension Transfers to Ireland

If you have worked in the UK some time during your career you would have probably built up a Pension pot. If you are planning to move back to Ireland, or if you have already done so, you can move / transfer your UK Pension to Ireland into a Qualified Recognised Overseas Pension Scheme (QROPS). This would give you more control over your investment options, both now and when you retire.  See more  >>

 

Benefits of combining or transferring your Pensions:

  • Value Many schemes offer increased or enhanced transfer values
  • Reduced Fees – Opportunity to save on fees and charges.
  • Consolidation Ease of administration with a single provider.
  • Early Access  Benefits may be accessed from age 50 (depending on scheme rules).
  • Tax-free lump sum 25% tax free cash and ARF option available.
  • Preservation ARF options allow for the preservation of wealth at retirement or death.
  • Surviving Spouse Pension fund can be transferred to your spouse on death.
  • Investment Preference You can invest your pension according to your own attitude to risk, with greater flexibility and fund options.
Pension Transfer Options

Accessing your Pension

The benefit of pension transfers is the potential to access your tax-free lump sum. If you decide, for example, to transfer from an Occupational Scheme to a PRB, you may be eligible to access 25% of the pension tax-free.

Should you meet certain criteria and satisfy the scheme rules in this scenario you may be able to take your benefits from your PRB at age 50.

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