Old workplace pensions: Forgotten pot or future opportunity?

It’s fair to say the days of a single job for life are few and far between. It’s no longer unusual for people to have several different jobs in a lifetime, perhaps even spanning different industries. One thing that people tend to put to the back of their mind once they change job, is the pension fund they’ve built up. Then, as the years pass it becomes harder to keep track of these valuable retirement benefits.

Today, there is an estimated €500 million in unclaimed pension benefits sitting in old workplace schemes₁. These “forgotten pensions” are easy to overlook - but by moving them into a Personal Retirement Bond, you can bring everything together in one place, stay in control of your money, and make it work harder for your future.

Advantages of a Personal Retirement Bond (PRB)

A PRB is a simple, straightforward way for you to take your pension fund with you should you decide to change job. Three key benefits of a PRB include:

Ownership: A PRB can offer you greater peace of mind, as your retirement fund is held in an arrangement that is clearly identifiable as your own, providing a stronger sense of ownership and control.

Choice: You can choose the funds that your money is invested in. This might particularly appeal to those with financial backgrounds / who are conscious about where their money is invested, e.g. responsible investments.

Flexibility: Moving to a PRB may give you access to your benefits from age 50, while also providing the flexibility to consider a phased retirement approach.

Questions to ask yourself about “old” pensions

If you’ve worked in a few different jobs over the years, it’s possible you’ve built up pension benefits in more than one place. To get a clearer picture on where you stand, it can help to ask yourself:

Do I have pensions from previous jobs?
Think back over your career - did any of your employers offer a pension scheme you joined, even for a short time?

Have I ever been made redundant and left a pension behind?
In many cases, the pension stays in the old scheme when you move on, and over time it can be easy to lose track of it.

Am I happy with how those old pensions are performing?
Do you know where your previous pensions are invested and how they’ve been performing?

Do I feel I have enough control and transparency over them?
Can you easily see their value, charges, and investment choice – or is it a challenge to access that information easily?

If some of your answers raise doubts, it may be worth talking to a financial advisor. They can help you track down old pensions, explain your options, and explore whether bringing them together in a Personal Retirement Bond could give you more clarity and control.

Why is a Zurich PRB the right choice?

With over 30 years’ experience offering PRBs, you can enjoy peace of mind thanks to Zurich’s technical expertise and dedicated support. Key benefits of choosing Zurich include:

• Straightforward transfer process: Your financial advisor can help you assess and review paid up pension opportunities and guide you through the transfer process.
• Peace of mind: Our Investment team, based in Blackrock, Co. Dublin, is responsible for funds under management of approximately €52.3 billion, of which pension assets amount to €44.2 billion₂. The most senior members of the investment team have been together for more than twenty years and it’s the close co-operation of our fund managers in making decisions that differentiates us from our competitors.
• Award winning, consistent performance: With the exception of 2020 (when no awards were held), Zurich has been voted number one for ‘Investment Excellence’ every year since 2014₃.
• QROPS (Qualifying Recognised Oversees Pension Scheme): If you worked in the UK and held a pension there, rest assured that Zurich PRB’s are QROPS approved meaning we can receive those pension transfers from the UK.
• Online digital tools: You will have the opportunity to keep track of your investment at the click of a button.

Taking the next step

Old workplace pensions don’t have to remain forgotten pots. If you’d like to explore how Personal Retirement Bonds can work for you, make sure to reach out to your Financial broker or advisor today.

Sources:

₁Irish Independent, August 2024.

₂Zurich Life, June 2026.

₃Brokers Ireland, November 2025.