Cashing in on Company Pension

S

samfarrell

Registered User
Messages
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I have recently left the company i was with for eight years and was contributing to a company pension scheme for five years. Is there any way I can now cash in on what i have contributed up to now, and cancel my pension scheme ??
 
talk to your empployer who u had the pension with. you probably can either cash it in, take it with u to new employer or wail until you retire to cash draw on it then
 
You can only encash an occupational fund if you have less than two years membership and then you just get back your own personal and AVC contributions less 20% (or 23%?) tax. You cannot cash in the pension in this case. You can leave it invested, transfer to another occupational scheme (now or in the future), transfer to a buy out bond/pension retirement bond, or maybe transfer to a PRSA (unlikely to be a realistic option in this case though). You should get indepdent professional advice before making any decision.
 
thanks for the responses
so are you saying that there is no way i can access the money i have contributed until i reach retirement age ?
 
Yes (because you stated that you have > 2 years scheme service and you left the scheme since 1 June 2002)...although under most pension schemes early retirement is possible from age 50 - check the Member Guide to the scheme.
 
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