Transfer Your Pension
Receive better benefits & avail of better fund options.
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Why Transfer your Pension?
During your lifetime, it is highly likely that you will have paid into more than one type of Pension plan. Regaining access and combining these Pensions into a single plan can lead to reduced fees, charges and commissions, also ease of administration by just having one Pension provider.
If you have been self-employed or in non-pensionable employment you may have paid into a Personal Pension or a Personal Retirement Savings account.
If you have been an employee you may have paid into a Defined Contribution or Defined Benefit Pension -(If you’ve had more than one job).
- Pensions have changed over recent years, offering better tax relief incentives.
- Greater tax-free cash amounts.
- Pay less in fees & commission.
- You’re either immigrating or emigrating.
- Gain earlier access to your benefits starting at age 50.
- You want to change provider or the type of pension plan you have.
- Gain the ability to combine your pensions to have everything under one roof and see the totality of your benefits in one pot.
- If you transfer your pension, instead of having two (or more) Pensions, if you leave your Employment within the first 2 years… Your employer can’t keep your Pension contributions.
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How to transfer your Pension
If you think you may have a Pension but are unsure, we can track your old Pension down and regain control of it. If you already have control of your Pension(s) it makes the process more straight-forward.
The method of Transferring your pension depends on your current pension type(s), age, current contributions, provider & estimated retirement needs.. Different combinations of options will be available to you. It’s best to speak to one of our Pension Advisers to find the best advice.
1. Get in touch with our expert pension advisers.
2. We will send you a letter of authority by Docusign, Email or Post, depending on provider.
3. Our free & easy to understand Pension Report will outline your Pension Transfer options from every Pension provider.
4. We will speak to you about your options and advise you on the best course of action.
Contact us about Pension Transfers
Your Questions Answered
A pension plan is a longterm investment savings plan that helps you put something aside for your retirement. A pension plan enables you to pay regular tax-friendly installments or move one-off lump sums into a fund available to you on retirement. The amounts saved into your pension are called ‘contributions’
We’re living longer than previous generations. Upon retirement, on average we will have 20-30 years of retirement. A pension plan will make sure you’re financially sound for these years. Whether you wish to travel, retire to the country, or spend time with your children & grandchildren.
As soon as possible. The money that you pay into your pension grows over time. It’s quite simply Time x Money. The sooner you start paying in; the more money will be available to you upon retirement.
The amount you will receive per month entirely depends on how much you’re willing to pay per month, the length of time you’ve been making contributions, the type of pension plan and its investment return. You can also choose to receive a lump sum upon retirement or not.
As of today, the State Contributory Pension is about €240 per week. For most people, during their 20-30 years of retirement, this simply isn’t enough. When you pay into a pension plan, you will receive both the state pension (If available to you) and your Pension Plan.
Tax relief reduces the actual cost of your pension. You do not have to pay tax on money that you put into a personal pension (This falls within the limits set out below). This is calculated at the highest rate of tax you pay (Currently 20% / 40%)
Example:
Monthly contribution = €100
Tax Relief (40%) = €40
Cost to you = €60
If you have to retire because of medical reasons and you get Revenue approval, you can receive your benefits from your Pension immediately.
If you unfortunately pass away before you retire, your Pension will be paid to your estate.
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