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Have you left behind a pension at a previous job?



Most of us have changed jobs several times in our lifetime and possibly paid into several different pension plans. You may have asked when you left the job about your pension and may have been told to leave it where it is. Well that is one of the options but lets look at the other options.


If you leave it where it is you run the risk of the scheme being wound up and having difficulty accessing your money when you need it. Also, you may forget about it when you are older and miss out on adding it to your pension. If you die before you retire your family could have difficulty accessing it if you don't have it in your name. Because it is most likely a group scheme you are probably on a good charging structure. It is important to seek advice to see if you are.


If you are not, it is best to transfer the fund out, either to your current employer's pension scheme or to transfer it into a Personal Retirement Bond. A Personal Retirement bond also known as a 'Buy Out Bond' is an individual pension bond established in your own name. This allows you full control over how it is invested and also gives you access to a tax free lump sum at age 50.


How do you find out about getting access to your pension fund? One of our advisors can help you trace it and you will need to request 'Leaving Service Options'. We can then look at the fund and what charging structure is on it, what it is invested in etc. We will advise if it is best to leave it where it is or move it on. We will discuss your goals for retirement, whether you would benefit from access to a tax free lump sum earlier etc.


If you have any questions or would like more information, please Robert O'Sullivan at 089-2449098

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