Go Back   Askaboutmoney.com > General Financial Issues > Pensions

Notices

Reply
 
Thread Tools
  #1  
Old 11-10-2006, 05:09 PM
abbey abbey is offline
Frequent Poster
 
Location: Dublin
Posts: 31
Default Pension Contributions on Leaving Company

Hallo all,

I am being made redundant (well my job is) and I'm with the company less than 2 years.
Does this mean that I can't keep the Employer Pension Contributions?

I vaguely remember reading something about a vesting period and if you leave the company before this period, you lose all your e'er contributions.
Does anyone know if this is true?
Reply With Quote
  #2  
Old 11-10-2006, 06:26 PM
ClubMan ClubMan is offline
*********
 
Posts: 44,145
Default Re: Pension Contributions on Leaving Company

Check the rules of the scheme. Many occupational schemes have a vesting period of 2 years or so and if you leave before that time is up then you lose the value of employer contributions. Note that having transferred in the value of a previous occupational fund also transfers in vesting time from that fund if applicable. However there may be an exception to the vesting period rule and loss of employer contributions for being made redundant as opposed to leaving for any other reason.

Check with the Pensions Board or DETE Employment Rights Section.
__________________

Reply With Quote
  #3  
Old 11-10-2006, 07:09 PM
Guest126 Guest126 is offline
Banned
 
Posts: 681
Default Re: Pension Contributions on Leaving Company

Would EXPECT that you can keep employer contributions because you were made redundant...however IF you take a refund (i.e. do not keep your money as 'pension' money then you can only get back your own contributions less tax).
Reply With Quote
  #4  
Old 12-10-2006, 09:47 AM
CCOVICH CCOVICH is offline
Frequent Poster
 
Posts: 8,944
Default Re: Pension Contributions on Leaving Company

And tax is at the standard rate, even though yo may have received relief at the higher rate of tax.
Reply With Quote
  #5  
Old 13-10-2006, 11:49 AM
abbey abbey is offline
Frequent Poster
 
Location: Dublin
Posts: 31
Default Re: Pension Contributions on Leaving Company

Hallo All,

Thanks for the replies. I checked the scheme rules and as I feared there is a 2 year rule. The amount involved isn't huge but to me with not very much money, it is huge. I really feel hard done by. I earned that money and cos of that stupid rule, I don't get to keep what's mine. It's not fair...
Reply With Quote
  #6  
Old 13-10-2006, 12:52 PM
ClubMan ClubMan is offline
*********
 
Posts: 44,145
Default Re: Pension Contributions on Leaving Company

Quote:
Originally Posted by abbey View Post
I don't get to keep what's mine. It's not fair...
Even if you choose not to take a refund and instead leave it in the fund (if it's not being wound up), transfer to another occupational scheme, transfer to a buy out bond or transfer to a PRSA if applicable?
__________________

Reply With Quote
  #7  
Old 13-10-2006, 04:03 PM
abbey abbey is offline
Frequent Poster
 
Location: Dublin
Posts: 31
Default Re: Pension Contributions on Leaving Company

ok..Thanks for the advise.
Reply With Quote
  #8  
Old 13-10-2006, 04:37 PM
Guest126 Guest126 is offline
Banned
 
Posts: 681
Default Re: Pension Contributions on Leaving Company

Quote:
Originally Posted by ClubMan View Post
Even if you choose not to take a refund and instead leave it in the fund (if it's not being wound up), transfer to another occupational scheme, transfer to a buy out bond or transfer to a PRSA if applicable?
Abbey - that was a question...and it it one which you could COPY and PASTE and send to the administrator/contact for your pension plan, it would seem unfair to me if you were to lose company contribution (unless you took a refund in which case it is normal that you lose it).
Reply With Quote
  #9  
Old 17-10-2006, 10:10 AM
mmclo mmclo is offline
Frequent Poster
 
Posts: 258
Default Re: Pension Contributions on Leaving Company

NEGOTIATE...there is usually discretion allowed.
Reply With Quote
  #10  
Old 18-10-2006, 12:32 PM
abbey abbey is offline
Frequent Poster
 
Location: Dublin
Posts: 31
Default Re: Pension Contributions on Leaving Company

Hallo,

Yes, you might be right as the pension company emailed me and basically said that it was up to the trustees whether I get to keep the all the cont.s or not...

Thanks for the advise,
Abbey
Reply With Quote
Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT +1. The time now is 01:38 AM.