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Have you recently seen an article where someone has transferred their pension to a new company and now they're enjoying the benefits of that?
If so, here are some quick facts for you. We'll look at how much tax you can save, if your pension provider charges fees, what's the best time to transfer, options after transferring and more.
It is always important to not make hasty decisions when it comes to pensions or indeed even investments in general. This requires careful consideration of all the details involved before coming to any conclusions about what actions are necessary. Once decided though, keeping track of how it's going may be important too since things could change over time.
The first thing you must realize is that there are fees involved in transferring a pension from one company to another. These fees will vary depending on the new provider and it's always wise to check potential costs before doing any transfers.
The timing of when you transfer your pension can be very important too. If you're thinking about moving it then it may be wise to consider early retirement (before age 55 but after age 50), or at least, take into account what kind of tax implications this could have for you in the future. There is an exemption on lump sum withdrawals between ages 50-55 where all withdrawals made during these five years are tax free (other than PRSI contributions).