disclosing previous employment benefits-is it a legal requirement?

C

cors

Guest
I took redundancy years ago from an employer and they transferred my pension contributions and theirs into a bond/cheque which I reinvested into a private pension/retirement scheme.
My present employer has started a scheme. One of the questions is, am I entitled to or have I received any benefit under a previous employer scheme or on leaving a previous scheme.

Do I legally have to answer this? ( no theories please, just facts!)
 
cors said:
I took redundancy years ago from an employer and they transferred my pension contributions and theirs into a bond/cheque which I reinvested into a private pension/retirement scheme.
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Do you mean a buy out bond/pension retirement bond? I didn't think that you could transfer an occupational fund into a personal pension plan per se.
My present employer has started a scheme. One of the questions is, am I entitled to or have I received any benefit under a previous employer scheme or on leaving a previous scheme.

Do I legally have to answer this? ( no theories please, just facts!)
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The PensionsBoard website has lots of factual information some of which may answer this question.
 
A buy-out bond is specifically designed to accommodate transfers from occupational schemes.

The reason that the question is asked is to ensure that your overall pension benefits do not exceed revenue limits - I think that the pension administrator needs that information to monitor your overall benefits.
 
MMilken said:
A buy-out bond is specifically designed to accommodate transfers from occupational schemes.
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Yes - but the original poster said "they transferred my pension contributions and theirs into a bond/cheque which I reinvested into a private pension/retirement scheme" and the highlighted part is a bit confusing to me.
 
Presumably a Personal Retirement Bond (it is a buy-out bond).
 
Yes it's a Personal Retirement Bond,thanks. Do you think I legally have to give the information? ( forget my introduction bit about facts!)
Couldn't the company managing the bond also say they need to know about this new plan-just wondering where this disclosure of information laws/rules can be read-couldn't see it on the pensionsboard.ie site
 
cors said:
Do you think I legally have to give the information?
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By completing a member's application form and becoming a member of the scheme, you are in effect entering a contract with your employer, trustees & life office.

There should be a member's declaration section where it will state something along the following lines:

I have read through the replies to all the questions in this application and declare that to the best of my knowledge and belief, all the information and statements given, whether in my handwriting or otherwise are accurate and complete. I understand that failure to give true and complete answers to all questions may be grounds for rejecting a claim. I have not withheld or suppressed any material information and where in doubt about whether certain material facts are relevant I have disclosed them. I declare that I will inform the Life Office of any change to any material fact occurring before acceptance of this application and understand that failure to do so may result in my membership of the Scheme becoming void.

I hereby apply for membership of the above named Scheme and understand that this application shall form part of the contract between the Life Office and the Employer and/or Trustees. My membership shall be governed by the Rules of the Scheme.

I authorise, where relevant, each of my previous employers and the managers or insurers of any retirement benefit scheme operated by them or approved retirement annuity trust fund or contract to which I have contributed to disclose to my present employer or to the Life Office such particulars as they request in relation to benefits arising thereunder in my respect.
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So, if you knowingly withhold info, you may be possible that you will be later excluded from the scheme.

cors said:
Couldn't the company managing the bond also say they need to know about this new plan
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Yes, they will ask for this information when they are calculating your retirement benefits at your Normal Retirement Age.
 
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