If you’ve already built up a pension fund, sometimes it may make sense to consider moving it to a new policy. Defined benefit pensions provide a promise of an income for life while defined contribution pensions amount to a sum of money in your own name.
If you currently have a defined benefit pension, the decision is very tricky. Sometimes there can be risks if you stay in the defined benefit fund and there are risks if you move. Weighing up the alternatives requires financial advice.
If you currently have money in a defined contribution pension, you may prefer to move to your own pension arrangement so that it’s separate from your former employer or because you want new investment choices. You need to be conscious of whether any new pension will have different charges to the current pension.
For those who wish to move funds to a Personal Retirement Savings Account (PRSA), there are legislative restrictions. For those who can move and who require a Certificate of Benefit Comparison, we can provide that requirement.
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