Leaving Employment After a Short Time - Options with pension

B

buckfast

Registered User
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Hi All,

I am leaving employment and have been a member of my current employers pension scheme only for the past number of short months. The company is withdrawing their contributions which leaves me with a balance of my own contributions + value of pension from my previous employer (which is €1,500 (pre tax contribution during my time at current employwer) + €3,564 (which was the "current value" of my pension when I transferred it to my current scheme from previous employer scheme about 2 years ago).

I wonder how much would I get in cash if I were to withdraw today?

Cheers
 
Hi Buckfast

How long exactly will you be a member of (a) your current employer's plan and how long were you a member of (b) your previous employer's plan? The reason I ask is that if (a) + (b) are greater than 2 years, you are entitled to the employer contributions in (a) under the Pensions Act because you have taken a transfer from (b) to (a)! Clear as mud?!

Just to note the relevant period in each employment relates to the amount of time you were/are actually a member of the pension scheme, i.e. say there was a waiting period to join one or other of the pension plans, such time is not included for the purposes of the 2 year test.

Hope this helps!
 
thanks, i was not aware that the 2 years starts counting from the time i became a member of the scheme with my previous employer.
 
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