Pension Transfers

Why transfer some or all of your pots to a different provider

You could transfer some or all of your pots to a different provider if:

  • your current provider doesn’t offer you the type of pension arrangement you want
  • you want to combine your pots to simplify your pension arrangements
  • you want to pay less in fees, charges & commissions
  • you want access to a wider variety of fund choice options
  • you want to achieve a higher income in the future from your pension
  • you want to avail of different retirement options that may not be offered (see Defined Benefit options)
  • you are returning home from overseas
  • you are moving abroad and you want to move your pension to a scheme in that country

Combining pension pots

Over the course of a lifetime, it is increasingly likely that you will have paid into more than one type of Pension arrangement.

  • If you have been self-employed or in non-pensionable employment you may have paid into a Personal Pension Plan (PPP) or a Personal Retirement Savings account (PRSA).
  • If you have been in employment you may have paid into one or more ‘defined contribution’ or ‘defined benefit’ pensions- if you’ve had more than one job.

Advantages to combining your accumulated pension pots

  • Reduced fee’s, charges & commissions
  • Ease of administration with just one Pension Provider
  • Greater fund options and flexibility
  • Greater tax-free cash amounts
  • Earlier access to benefits (from age 50 onwards)

 

Before making a decision in relation to combining your Pension Pots we heavily recommend that you speak to one of our trusted advisors or contact us to make an appointment. Firstly, we will need to speak to each provider separately in order to ensure it makes financial sense to amalgamate your Pensions.  We will clarify

  • If any fees, charges or penalties will apply to any transfer out
  • If you will lose any special features like bonuses, guaranteed annuity rates etc.
  • Ensure any transfer will not negatively impact on when you can draw down your benefits
  • Ensure any transfer will not adversely affect your tax-free cash entitlements

How to transfer a pension

This can be a very difficult process for most individuals that are not familiar with the Pensions Industry or its workings. We heavily recommend that you speak to one of our trusted Independent Transfer Specialists before making any decisions. This service is provided free of charge with no obligation.

 

1. Simply enter your details, it takes less than 30 seconds

It’s simple and secure. Just let us know what type of pension advice you’re looking for and we’ll do the rest.

2. One of our Qualified Pension Advisors will call you

A brief no obligation telephone call allows us to find out how we can assist you. We want you to do the talking and we’ll listen.

3. We can arrange a meeting or offer advice over the phone

Once we understand your enquiry, our highly qualified advisors will know the best course of action for you.

The steps involved in transferring a pension

Step 1: Contact one of our advisors by phone, email or live chat & outline your query

Step 2: We will send you a letter of authority via email or post which allows us gather the relevant information in order to make an informed decision

Step 3: We will outline our findings in a free, no obligation & easy to understand report

Step 4: Complete the relevant paperwork in order to complete the transfer & leave the rest in our hands until completion

The Information we will request from your current provider

  1. Will they allow a transfer? Current Pensions Legislation restrict certain types of transfer payments.
  2. What exactly is the current transfer value? There can be differences between the current value of your pension & the current transfer value. This difference normally represents an exit charge or penalty.
  3. Will I lose the right to take out my money at a certain age? Certain Pension Plans only benefit drawdown at a certain age or ‘normal retirement age’, other arrangements can allow you access your benefits from age 50 onwards. Depending on when you want you want to drawdown we can advise on the correct type of product to suit your needs.
  4. Will I lose any special features or benefits? Some older Pension plans may have certain benefits in built like bonus payments or enhanced/guaranteed annuity rates attached. We will ensure that you are not in any danger of forfeiting these benefits before initiating any transfer.
  5. Will I lose the right to take a tax-free lump sum? Generally speaking there are two ways of taking retirement benefits, either the ‘salary & service’ route or the ‘25% Tax Free Cash & A(M)RF’ route. Depending on an individual’s personal circumstances the difference can be significant. We will calculate your benefits based on each option so you are fully informed.

“Shopping the market” in order to secure you the best deal

Before making a decision in relation to combining your Pension Pots we heavily recommend that you speak to one of our qualified advisors you can contact us to make an appointment. Firstly, we will need to speak to each provider separately in order to ensure it makes financial sense to amalgamate your Pensions. We will clarify

  • If any fees, charges or penalties will apply to any transfer out
  • If you will lose any special features like bonuses, guaranteed annuity rates etc.
  • Ensure any transfer will not negatively impact on when you can draw down your benefits
  • Ensure any transfer will not adversely affect your tax-free cash entitlements

Need Help?

Next steps – Contact us now for a Review and Chat about your Pension requirements.

Our team of qualified consultants are only a few clicks away.

By Telephone 01 912 5030

Complete the “Need Some Help?” contact form on this page.

Start an online chat with us – click the green Message icon on the bottom right

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About Us

Our aim at Pension Advice is to put our client’s needs and expectations first in everything we do. We focus on the delivery of expert advice, delivered to you by a team of highly qualified and specialised Consultants with a combined 25 years’ experience working in the Pensions Industry. Our aim is to establish, create and maintain long term professional relationships with each and every client. We are committed to both helping you now and into the future to ensure that you achieve your ultimate retirement goals.

Our Core Principles

The Client Comes First

We are a client focused business, we aim to understand your needs and objectives and deliver based on this. This is at the very core of our business – you are what matters most.

We are Qualified Experts

All our staff are qualified experts and have the technical knowledge and experience to handle all your pension related queries.

We are Real People

We are real people who are here to assist you. We have direct phone numbers and email addresses, and will deal with your enquiry from start to finish.

We are always Professional in all that we do

Professionalism is the minimum you can expect from us. We pride ourselves on this and we will deliver for you in a professional manner.

We are here to Educate You

It is important to us that we educate you so you can make informed decisions. Before we do any business with you we will educate you as to why it is the right choice for you. We want you to understand the decisions you are making.

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