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.
Click to expand...
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.
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.
Click to expand...
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?
Click to expand...
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:


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
Click to expand...
Yes, they will ask for this information when they are calculating your retirement benefits at your Normal Retirement Age.
 
You must log in or register to reply here.
Menu
Log in
Register