Why Transfer Your Pension?
- Pensions have changed over recent years, offering better tax relief incentives.
- You want to pay less in fees & commission.
- You are either immigrating or emigrating.
- You want earlier access to your benefits.
- You want to change the type of pension you have.
- You want to combine your pensions, so that you’ll have everything under one roof, so to speak. To see the totality of your benefits in one pot.
- If you transfer your pension, instead of having two (or more), if you leave within the first two years of employment, your employer can’t keep your contributions.
How do I transfer my pension?
Depending 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. Contact us by phone, live chat or via the quote form below.
2. We will send you a letter of authority by email or post.
3. Our free, easy to understand report will outline your options.
4. We will speak to you about your options and we'll do all of the paperwork.
Enquire Now
Need More Information?
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Fill in your details and we’ll provide you with a quotation to see how much you could save.
Freephone us on
1800-828-800
Speak to us about transferring your Pension today
You can freephone our Pension Advice Team for free advice. Someone is always available to take your call and discuss the options available to you. Or you can schedule a call-back for a time that suits you best.
Your Questions Answered
Most frequently asked questions and answers
An 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.
Reducing your Income Tax Bill
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 1:
Monthly contribution = €100
Tax Relief (40%) = €40
Cost to you = €60
Example 2:
An employee who is aged 42 and earns €40,000 per year
can get tax relief on annual pension contributions up to €10,000.
There are no limits on the total amount you can pay into your pension, but tax relief is only available on the percentage amounts of your income and age outlined below.Â
Age during the year
Percentage of earnings
Under 30
15%
30 to 39
20%
40 to 49
25%
50 to 54
30%
55 to 59
35%
60 +
40%
*Data according to Aviva & Zurich Pensions Dec 2019. Percentages shown are of earnings up to €115,000. If you’re a professional athlete, your limit will be 30% of earnings. These figures are subject to change in the future.
