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.
A transfer from an occupational pension scheme to a PRSA is not allowed for members with 15 years or more of service in the scheme. This restriction does not apply to AVC only schemes.
A Certificate of Benefit Comparison is also 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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