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Why you need to transfer your old pensions today.

Updated: Oct 20, 2023


If you have left a job in Ireland or been made redundant you may have left a pension behind. Once you have worked for the company more than 2 years you are entitled to a deferred benefit from the scheme. You could take the pension with you to your new job, transfer it to a separate pension in your name or leave it where it is.

What do I do with an old pension?

If you leave the pension where it is, you have no control over how it is invested, you have minimal contact from the provider and any options regarding taking benefits are according to the rules of the scheme.


You could transfer the pension to your new company pension and sometimes if it is a small amount this is the best option. But we like to see our clients diversify their pension investments and not have them all invested in the same pot. For this reason we advise transferring into a separate pot.


You can do this using a Personal Retirement Bond which is essentially a pension pot in your own name. You have full control over the investment of the fund and have access to all available funds. You also have the option to access the fund anytime from age 50.


In a bid to 'clean up' the pensions market the Pensions Authority plan to remove Personal Retirement Bonds from the market later this year, so you will have to act fast.


How to get started with the transfer:


Request 'Leaving Service Options' from your old employer or pension provider. This is the form you need to sign to request the transfer out. We can then guide you through the various options on the market that are there for you to transfer into.


To discuss this further you can contact us on 021-4858400 to speak to an advisor.

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