You may have been part of a defined benefit pension scheme, which you now want to access or transfer into your own name. Make informed decisions about your financial future with expert guidance.
An occupational pension scheme is a highly rewarding company incentive whereby both employee and employer contribute towards the employee’s retirement fund. Whether you’re an employee or an employer, there are many benefits to being part of an occupational pension scheme.
In summary, a defined benefit pension scheme guarantees a specific retirement benefit when an employee reaches retirement. Let’s quickly look at the reasons and benefits of transferring your DB pension into your own name.
Your employer pension scheme is closing or has already closed.
Choose how and where your pension funds are invested. This will give you more control over your money.
Access up to 25% of your pension as a tax-free lump sum.
Potential to access funds from the age of 50 years onwards under specific conditions.
Ability to pass remaining funds to your beneficiaries.
A defined benefit pension gives certainty of future retirement income. A transfer of a defined benefit scheme into a defined contribution pension involves a degree of investment risk.
Discuss your current pension situation and goals.
Evaluate the pros and cons of transferring your DB pension.
If suitable, we will assist with the transfer process, handling all paperwork.
Provide continuous advice and support.
Trying to make a decision between keeping my existing Defined Benefit Scheme or taking a transfer value was not a clear decision for me. I needed to take advice from somebody with experience so was very happy when I reached out to Michael in Guardian Wealth. Once we weighed up the advantages and disadvantages of each option it became clear to me what I needed to do. I would recommend Guardian Wealth to anybody trying to make a similar decision.
I have been receiving advice from Jim Doyle in Guardian Wealth for 3 years. I was advised by a friend to use Guardian Wealth and so I contacted them when the time came to access my pension. Jim has been very good to me and has given me great advice over the years. He keeps in touch to give me updates on my pension and he is always available by phone if I have any questions. I am delighted that I am dealing with Guardian Wealth. They are a professional outfit and very straightforward to deal with.
My husband and I contacted Guardian Wealth seeking advice and help with our pensions. I am an ex Aer Lingus employee and I found it very difficult dealing with Mercer. We met with Jim Doyle in Guardian Wealth. He gave us straightforward advice and clearly explained the options available and the process to me. Jim and his team were very efficient and easy to deal with. They dealt directly with Mercer on my behalf and got everything sorted for me. I am more than happy to recommend Guardian Wealth if you are looking for pension advice.
A pension scheme where your employer guarantees a specific retirement income based on your salary and years of service.
Yes, it is generally possible to transfer your Defined Benefit (DB) pension, also known as a final salary pension, to a different pension arrangement, such as a Defined Contribution (DC) pension, a Personal Retirement Savings Account (PRSA), or a Buy-Out Bond. However, transferring a DB pension is a big decision with potential benefits and drawbacks, and it’s crucial to seek expert financial advice before making a decision to move it.
In Ireland you can typically access your Defined Benefit (DB) pension from the age of 60 years onwards, provided you are no longer employed by the same employer. While early access is possible, it usually results in a reduced overall benefit due to less time for investment growth. You can also take a tax-free lump sum of up to 25% of the fund at that time.
