old Previous Defined Benefit Pensions

Learn How To:

  1. Locate your previous pension
  2. Request an up to date Pensions Benefit Statement from your previous employer / Pension provider
  3. Request a transfer Value from your previous employer,
  4. Assess your options in relation to access, the benefits left to your family on death and the tax implications of the various options available if you get offered an enhanced transfer value.
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Enhanced Transfer Values Explained (ETV’s)

Corporations that offer a Defined Benefit Pension to their employees have recently been offering members of their scheme an alternative method of drawing down their pension. A legislation change in June 2016 has allowed this new option to be offered. This option can have some very tangible benefits for both the Company and the member (either a current or deferred member).

Learn More About Enhanced Transfer Values

Once an employee leaves a pensionable employment, the following 4 options are available in relation to this “paid-up” pension, they are as follows:

  1. Leave it where it is, in the Previous Company’s Pension Scheme
  2. Transfer it into your New Employers Pension Scheme
  3. Transfer it into a Personal Retirement Bond
  4. Transfer in into a PRSA

These 4 options all have their advantages and disadvantages and there is no definite correct answer for all cases. It is important for you to research your options and choose the best one that suits your circumstances.

In order for you to make the best and informed financial decision in relation to your previous/deferred pension, it is important to consider the following

Is your previous pension Defined Benefit or Defined Contribution?
What is your pension worth at the moment and what is its transfer value?
What happens to your pension money when you die?
Would you like more control over your pension in relation to where it is invested and how it is performing?
Have you recently been divorced or separated from your spouse?
Would you like a guaranteed income for the rest of your life?
How financially strong is your ex-employer and is it possible for them to change the pension rules of their scheme?
Did you take a redundancy package when you left your previous employer?
When can you get access to this pension money?

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Considering your financial circumstances and recommending solutions to maximize your pension pot

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Insurance Planning

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Tax Planning

Advising you on withdrawing pensions and investing in plans in a tax-efficient way

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