How many people in Ireland are missing out on pensions, they don’t even know they still have? More than you might think.
A couple of weeks ago, a client was referred to me. She mentioned she had a pension with an old employer she left in 2001, but had not heard anything about it since, and wasn’t even sure if it still existed. I received a letter of authority from the client and began investigating by contacting various insurance companies. After some effort, we found it. The company had changed hands several times, which explained the lack of communication. It turns out that she had almost €50,000 in a deferred pension.
Now, we are moving it into a Personal Retirement Bond (PRB) in her name, making it easier for her to access and manage in the future.
Another client, a friend of mine, told me about a pension she had set up through a company she owned in 2003. Like the first case, she had not received any updates in years and had even been told the pension was no longer available. I got a letter of authority from her and contacted the provider with whom she originally set up the pension. We discovered over €70,000 in a fund she can now access. She can take some of it tax-free and move the rest into an Approved Retirement Fund (ARF) in her name.
That’s more than €120,000, which these two might have missed if they hadn’t decided to check in with me.
One of them told me, “Honestly, I had no idea that money was still there. I had completely forgotten about it. You have no idea what relief I feel knowing it’s sorted now.”
Summary
If you have ever had a pension with a previous employer, don’t leave it behind.
Reach out to Stephen Donnelly, Director at Donnelly Financial Planning, to discuss transferring your pension into your name. It is worth it for the peace of mind, better access, and ensuring it is there when you or your estate needs it.
At Donnelly Financial Planning, we specialise in Retirement and Pension Planning, Savings, Investments and Life cover. Is there something out there with your name on it? please reach out for a consultation!
Warning
*Past performance is not a reliable guide to future performance.
*The value of your investment may go down as well as up.
*Your investment fund may be affected by changes in currency exchange rates.
*If you invest, you may lose some or all the money you invest.
