Consolidating company pensions
The best rates on the market as I write this are with KBC and EBS.
With interest, a combined monthly savings direct debit of €1,000 will reach the deposit target in just over two years.
Myself and my fiance are moving in together and hope to save enough in the next few years to buy our own apartment, but we're wondering if we're setting ourselves up for wild goose chase with mortgage providers, never mind the situation with property prices.
We've decided that its a case of let's see how far we get, so what I'd love advice on is what is the best way to start getting our finances looking right and start saving for a deposit. Alan, Clontarf When I meet clients in this position I almost always give two simple pieces of advice.
However, remember that they have a vested interested in you transferring to them as they want to have more of your money in their pensions and on their platforms.
If there are additional voluntary contributions (AVCs) in your previous pensions, you used to be able to access up to 30pc of your AVC pot before retirement until quite recently, but now you can only access your pension from age 55 in most cases.
When considering personal pensions, the rules are slightly different.
Firstly, if any of your old pensions are 'defined benefit' schemes (ie they promise a defined percentage of your final salary each year at retirement), then I would be very cautious about moving them.
In many cases, the transfer value will not be as attractive as the promised future pension income.
You should review all your pensions and make sure you understand the charges, terms and conditions for each of them.