This is often a PRB, arranged on a group or bulk basis. Transferring your pension benefit to a PRB means that the charges may be lower than using an individual pension arrangement as a number of your colleagues are also likely to be transferring to the same PRB, Mr Reilly said.

Check the other options open to you. If you are a member of another pension scheme, you could transfer your pension benefit to that scheme. If you have been in a DB scheme for under 15 years, you can transfer it to a Personal Retirement Savings Account (PRSA).

When comparing the options, check the charges, the investment choices available to you, and the benefit options after transferring, such as when you can drawdown your pension and what tax-free lump sum you can get.

Q After returning from a golfing trip to the US I realised that most of my golf clubs, including the protective golf bag, were bent in transit, making them unusable. My travel insurance covers lost or stolen clubs but I am not sure if they will cover damaged items. Can you advise?

A Whether the damage to your clubs is covered will depend on the terms and conditions of your travel policy, according to Paul Walsh, chief executive of Peopl Insurance, which underwrites insurance for credit unions.

Most insurers will cover the cost of damage to your golf equipment, as long as golf cover is included in your policy.

Not all standard travel insurance policies include golf cover. Check your policy details for the amount of cover available and for any restrictions on cover. In most cases, the amount payable will be the price of the golf clubs if you were to buy them today, with a deduction for wear and tear, Mr Walsh said.

There is usually a limit to the total cover available and this limit could be in the region of €250 for a single item and a maximum total limit of €1,500.

If golf equipment is damaged while in transit, you must report it to the carrier or airline within a certain time. Make sure to keep all travel tickets and baggage tags associated with the trip as these are vital pieces of information for your claim.

You could instead add your golf clubs on your home insurance cover, he said.

Q I have a tracker mortgage with Bank of Ireland – 12 years remaining – with the rate steadily increasing. It is set at the European Central Bank (ECB) base rate plus 0.95 percentage points. I have a deposit account with BOI, paying 0.55pc AER. The amount on deposit is €25,000. I do not have an immediate need for this money. Would it be a good idea to use this to reduce my mortgage? My aim would be to reduce the number of years left on the mortgage. ECB rate rises are not being matched by increases in deposit rates. Would making a lump sum repayment affect the terms of my tracker mortgage?

A Making a lump-sum payment would not affect the terms of your tracker, and you would not lose it or be moved onto a standard variable rate, said director of Nova Mortgages Dave Curry. The ECB base rate is currently 3.5pc, so your tracker rate is 4.45pc.

The bank’s interest rate on your savings is just 0.55pc, so it makes sense to pay a lump sum off your mortgage. Should you use the full €25,000 to reduce your mortgage? It may also make sense to make a tax-efficient contribution to your pension, Mr Curry said.

A financial planner can help you to decide on the optimal uses of the funds. If you pay a lump sum off the mortgage, then it would be wise to reduce the term remaining, as you suggested.

However, given that there are only 12 years left, and that you are planning to reduce the term when you make the overpayment, it may be best to switch to a fixed rate after you pay off a lump sum.

BOI’s fixed rates for existing customers are currently much lower than your tracker rate. But if you change to a fixed rate, then you will be waving goodbye to your tracker. Also, your ability to make additional lump sum payments would be more limited, Mr Curry said.