2 Year rule - preservation of benefits query

J

jtr1967

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Hi there,

I have been a member of my occupational pension scheme since 2020, however I have been only making contributions the past 21 months. Would I be legally entitled to a preserved benefit if I were to leave the company now as I have been a member of the scheme for over 2 years or would this not be the case as I have been contributing to the scheme for less than 2 years?

Cheers for the help,
J
 
3 months is not a long time if you need to wait it out. Unless you have an offer in hand it might take the 3 months for you to leave the scheme anyway with search, interviews and notice. Or if you have time to move an old pension into the current one then the service from the old one accrues on top of the current one normally.
 
jtr1967 said:
No they’ve only been making contributions since I began 21 months ago
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If neither you nor your employer were making contributions until 21 months ago, how were you a member of the Occupational Pension Scheme since 2020?
 
LDFerguson said:
If neither you nor your employer were making contributions until 21 months ago, how were you a member of the Occupational Pension Scheme since 2020?
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I’m not sure to be honest, I was automatically joined to the plan after completing probation
 
misemoi said:
3 months is not a long time if you need to wait it out. Unless you have an offer in hand it might take the 3 months for you to leave the scheme anyway with search, interviews and notice. Or if you have time to move an old pension into the current one then the service from the old one accrues on top of the current one normally.
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cheers! yeah it’s not the end of the world I’m just looking to move country so want to finish up asap. Does your notice period typically count towards pensionable service?
 
jtr1967 said:
cheers! yeah it’s not the end of the world I’m just looking to move country so want to finish up asap. Does your notice period typically count towards pensionable service?
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I think this would be a question for your HR but I imagine yes as your contributions will be made up until your last paycheck. It may or may not be worth hanging on amount. Would you also be able to get a refund of your own contributions subject to tax?
 
If you’re moving to another EU member state to take up employment there you may be considered an outgoing worker. Different process for refund of contributions in that instance. Have a quick google of outgoing worker on leaving service. Irish Life i think have a good FAQ on it. May be best to talk to your scheme advisor here as they will be able to obtain your contributory service details from the scheme provider.
 
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