Got a Previous Employer Pension? What should you do with it?
As you can imagine, I’ve had the pleasure of assisting many SA2EIRE Facebook subscribers in setting up pensions and giving retirement planning advice, (if you'd like some help setting up a pension, please get in touch).
However, today I'd like to talk to those of you who have been working in Ireland for five or ten years or maybe even longer.
If you've worked in Ireland in a couple of different companies, there's a good chance you've built up pensions with your previous employers.
Often, people move places of employment and it doesn't even occur to them that they should consider moving their old work pension.
There are several reasons why it will probably make sense to move your previous place of employment work pension into your own control using a Personal Retirement Bond (PRB).
Consolidation: If you have multiple old work pensions, consolidating them into a single Personal Retirement Bond (PRB) can simplify your retirement planning and make it easier to manage your savings.
Control: By moving your old work pensions into a PRB, you gain more control over how your retirement savings are invested. You can choose the investment strategy that suits your goals and risk tolerance. It’s extremely important that you are invested in funds which match your own capacity for risk.
Flexibility: A PRB can provide more flexibility than an old work pension. For example, you may be able to access your savings earlier (from the age of 50) or later than you would with your old work pension, depending on your retirement goals and financial situation.
Portability: If you change jobs frequently or move to a different country, a PRB can be more portable than an old work pension.
Sometimes it'll make sense to leave your old work pension in the existing scheme. And if that is the case, I’ll advise you to leave it where it is.
If you have one or more old work pensions, we can get up to date details for you and advise you whether to move it or leave it where it is. This can take a bit of time as we need to gather this information from your existing provider, but the worst case scenario is that you will be far more knowledgeable about what you have.
If you would like to know more with regards to any of the areas above, please feel free to contact me on the details below or Private Message me on Facebook. I look forward to helping in any way possible going forward and I thank you all for your continuous support.
Kind regards,
Danny Coad QFA
Tel: 0862422441
Tel: 00353862422441 (If contacting from abroad)
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