Conor has worked for a major multinational company in the UK for many years and contributed to its pension scheme. He returned to Ireland almost a decade ago to set up his own business but, unfortunately, suffered the heart attack three years later.

He turned for help to Eamon Porter of Aspire Wealth Management, an authorised advisor based in Malahide, Co Dublin. Porter quickly realised that, while the pension was potentially a very valuable asset, its value would crumble if Conor died before retirement. This was because his family would only get back what he had put in.

"I was introduced to him last October by his accountant who asked me to review his pension arrangements as part of his tax returns that were due that month, " says Porter. "Surprisingly, I found that while his current pension fund value was worth about 140,000, and would hopefully be worth a lot more on his retirement, his family would only get about 15,000 if he died before retirement.

That's a refund of his own contributions without interest. Obviously for a man in his medical condition with a family, this was of major concern.

How was he going to make sure that his family would get value from the pension fund should he die before drawing it down?"

The solution was for Conor to take control of his finances by transferring the 140,000 out of the UK company pension scheme and into his own buy-out bond. As long as the money stayed in the company scheme, it would be under the control of Conor's former employer. By putting it in a buy-out bond, Conor was in the driving seat.

"The bond is effectively a personal pension fund over which he, or his executor, would have full control, " says Porter. "This, in turn, meant that he was able to secure the value of his pension fund and in turn provide his family with a modicum of life assurance."

The focus of most retirement planning is to ensure you have enough money for life after work. But it is also vital to consider what might happen to your entitlements if you don't live long enough to collect them, according to Porter, especially is they have been built up overseas where they would not be protected by Irish pension legislation.

"If you have worked abroad and contributed to a pension scheme, make sure you read the small print of your pension scheme documentation.

Don't just rely on the member benefit statement and simple explanatory booklet, " he says.

"While your past employer may have always treated you with decency and fairness when you worked for them, the pension scheme trustees may not do so in the future should you leave. This scenario is even more probable if the business was sold on.

My advice is that if you have pension rights from previous employments, get them reviewed by a knowledgeable pensions advisor. On death, it is too late for your family to worry about what is due to them."

Lesson: Rather than leaving your foreign pension sit with a former employer, consider taking control by transferring your entitlements to an Irish buy-out bond.

Eamon Porter is principle of Aspire Wealth Management, an authorised advisor and mortgage intermediary.

Contact 01-8455827 or www. aspire-wealth. com