Consolidation is a transfer, not an administrative tidy-up. The Pensions Authority says transfer rules depend on the arrangement being transferred from and the destination. A transfer can simplify records, but may also change guarantees, charges, investment choices, retirement options and protection.
Inventory every arrangement
For each occupational scheme, PRSA, retirement annuity contract or buy-out bond, obtain a current statement, benefit summary, charges, retirement age, death benefits and a transfer value with expiry date.
Check that the route exists
The Authority's transfer guidance lists common routes but stresses that rules and restrictions depend on circumstances. Ask both arrangements to confirm acceptance and requirements in writing.
Compare what is lost and gained
- Defined-benefit promise, escalation and dependant terms.
- Protected retirement age, lump-sum basis or other rights.
- Exit, advice, product and ongoing investment charges.
- Investment range, risk, administration and retirement options.
- Death benefits and regulatory protection.
Require a written destination comparison
Record the transfer value, deductions, units/fund received, time out of market, completion steps and responsibility for delay. Pause where a guarantee is unclear, a DB value or overseas destination is involved, advice is required, or the destination has not confirmed acceptance.
A regulated adviser may recommend a transfer after personal analysis. Pensionplanner.ie does not recommend consolidation or promise a free review.