A Certificate of Benefit Comparison and Written Statement is required before a member of an occupational pension scheme can transfer their benefits to a PRSA.
Previously, a transfer from an occupational pension scheme to a PRSA was not allowed for members with 15 years or more of service in the scheme. However this restriction was removed in the Finance Act 2021 which was signed on 21st December 2021. Now all scheme members have the flexability of transferring to a PRSA.
A Certificate of Benefit Comparison is not required in the following circumstances:
- where the transfer value is less than €10,000, or
- where the transfer represents a return of contributions, or the value of accrued benefits, to a member who has less than 2 years’ service in the scheme and has no preserved benefits, or
- where the scheme is being wound up.
If you would like discuss how we can help, please contact Shane Wall (086 777 3218).
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