Welcome to the Financial Column in association with Money Plus, Bridge St., Boyle
Q. I moved jobs last June having worked with the same company for 15 years. I was a member of the company’s defined contribution pension scheme where both the company and myself were contributing to my pension. I have joined my new employer’s pension scheme. I am 42 years old. Can I transfer my existing pension fund to my new employer’s pension scheme ?
A. As you are a member of a defined contribution pension scheme (sometimes referred to as a money purchase pension scheme) you should be able to transfer your pension to your new employer’s pension scheme without much difficulty.
However pension scheme trustees can block transfers to other pension arrangements if you delay more than two years after moving jobs to request this transfer.
Even if you miss this deadline, schemes will often accept late requests for transfers from former employees.
The trustees of your previous employer’s pension scheme cannot interfere if you decide to take your pension with you when you change jobs, subject to the restrictions mentioned above.
Alternatively, you could transfer it to a personal retirement savings account (PRSA) or a buy-out bond, which you hold in your own name.
