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What should you do about pensions held with previous employers?

If you are one of the many people who have switched employers in the last number of years, you may not have made arrangements for your pension savings when you left.

Afterall, starting a new job can be a very busy and exciting time, and much of your focus is likely to have been on adapting to your new role and company culture as quickly as possible.

While leaving your pension savings from a previous employer where they are may seem like the easy option, it can have an adverse effect on your long-term retirement goals if those savings are not integrated as part of your overall pension savings strategy.

In Ireland, approximately €500 million in pension savings are currently unclaimed.

If you have pension savings with a previous employer’s pension fund, we can help locate your savings and identifying what options are available that can support you to achieve your retirement goals sooner.

Typically, there are three options available to employees when they switch employers:

  • Leave the pension with the former employer’s scheme
  • Transfer your pension entitlements to the new employer’s pension scheme
  • Transfer your pension entitlements into a Personal Retirement Bond / Buy-out Bond.

Remember, switching your employer doesn’t mean you lose your entitlement. Racing your pension savings from a previous employer is in your best interests because even a small amount of savings can make a difference to your overall retirement fund.

Why not get in touch with Hennelly Finance today to discuss your options; one of our expert financial advisors can trace your entitlements, and help you decide how to best optimise them.

Give us a call on 091 670 123 to keep your retirement goals on track.