Pension transfer question

[kaiousama]

I had an old pension with Aviva that I contributed 4k to years ago. I enquired about it recently and to my surprise it was worth 10k. The lady n the phone said it had really bounced back in recent years.

I can transfer this amount to my current pension with Zurich. I've been told I can do this without incurring any penalties.

I'm just wondering should I keep it with Aviva as its performing well, or are all pensions fairly similar and it's much of a muchness. They all rise and fall together to a large extent.

I'm trying g to get details of the Aviva pension bit they are a nightmare to deal with (twice promised info that was never delivered)

 

[deviann]

@kaiousama If you have separate pensions you can take out of one from when you are 50 and keep the other one going as far as I am aware. I was advised keeping them separate to give you the option. If you are certain you wouldn't want to do that then you would probably need professional advice as to what plan (fund?) Is more suitable for you.

 

[deviann]

https://nationalpensionhelpline.ie/pension-advice/can-i-cash-in-my-pension-early/#:~:text=Yes%2C%20most%20people%20can%20cash,executive%20pension%20or%20a%20PRSA.

 

[deviann]

I can't say that site is correct but it seems to state what I have been advised by my pension provider

 

[marfamu]

@deviann Yeah I was told this too. You cannot take money out of a pension you are currently paying into, so if this is kept separate then at 50 he can withdraw whatever it is worth then! I didn't hear of any benefit of merging the pensions together.

 

[asurfpro]

@kaiousama

1. Is the aviva plan a personal pension, a PRSA or an occupational pension from a previous job?
2. Same question as above for Zurich plan?
3. What age are you?

 

[jpete]

@kaiousama What fund is it in? What fund are you transferring it to? What are the AMCs on both?

 

[vescd]

@kaiousama There’s no extra cost to keeping them separate if that’s your worry, just one more account to remember.

Check what the fees are on the before and after fund, and make sure both funds are same makeup (equities, passive/active etc) so you’re comparing like with like.

Avivas has some great equity funds the past 18 months, Zurich were flying coming out of Covid but Aviva seem to have outperformed more recently. They tend to go in cycles so it’s impossible to know the right he answer for the next 5 years