In an ideal world, your retirement should be the time to relax, enjoy and reap the fruits of your labour. But for some, there is a constant worry that lingers: “Is my current pension enough to support a comfortable retirement?”
If you’re a recent retiree and have concerns about your current pension plan – this write-up is for you. We have dissected all the required details about pension transfer in Ireland. Our expert team is always here to help you with pension transfer Ireland, so that you can enjoy the golden years you deserve.
Why Should You Consider Pension Transfer?
There are multiple reasons to consider pension migration. Here, we have highlighted a few of them:
Consolidation: You have accumulated pensions from multiple companies, and you want to combine them into one pension plan and simply pension management.
- Pension Tax-Free Lump Sum (at 50): In many cases, you get the privilege to withdraw 25% of your pension tax-free instead of waiting till retirement. Early pension access also gives you the advantage of withdrawing your pension as a 100% tax-free lump sum.
- Better Benefits: Retirement fund relocation may give you a better advantage with another provider. These benefits may include higher returns, risk exposure, and investment strategies for management rates.
- Returning Home or Moving Abroad: Anyone who has worked in a foreign country and is planning to return home can consider a return transfer. On the other hand, anyone planning to move abroad and wants their pension to align with the new pension system can also consider a pension transfer.
How To Process Pension Transfer in Ireland?
For individuals who are not familiar with the pension industry, it can feel complicated and overwhelming. Therefore, we advise talking to our trusted Pension Transfer Specialist before making any decisions. These are the steps involved:
Step 1:
Contact MMA Pension transfer expert via phone, email or live chat and let us know about your query.
Step 2
Our team will send you a letter of authority to allow us to gather the required information to help you make informed decisions about pension rollovers.
Step 3:
After completing the necessary steps, we will outline our findings and share the report.
Step 4:
Once you agree to proceed, we will undertake the relevant paperwork to complete the transfer process. Our experts will take care of all the required steps on your behalf.
What Kind of Pensions Can Be Transferred?
These are the types of pension you can transfer:
Defined Contributions – where you pay a part of the pension, and the employer pays the other part. This one is easy to transfer.
Defined Benefit Pension – where you are paid a fixed amount on retirement. This is a bit more complicated to transfer, and also, transferring this can lead you to lose certain built-up benefits.
Pension Transfer Ireland: How Can MMA Advisors Experts Help You?
Here is how MMA Trusted Pension Advisors can help you:
- Free Consultation: Discuss your situation and explore whether a pension transfer is the right option for you.
- Expert Guidance: Our expert team will help you with navigating the intricacies of pension transfer.
- Tailored Solutions: We will work closely with you to understand your needs and then prepare a strategic plan that aligns with your pension goals and risk tolerance.
Don’t let your retirement security stress you over. Get in touch with Money Maximising Advisors Limited expert Pension Advisors and let us help you breathe easier and enjoy a relaxing after-retirement life.
Talk to us at +353 91 393 125
Mail us at office@mmadvisors.ie
Visit our office at Unit 3, Office 6, Liosban Business Park, Tuam Rd, Galway, Ireland
