Miracle Girl
Registered User
- Messages
- 40
Don't you have, or can't you obtain, a copy of the pension booklet without committing to anything?They said they needed confirmation from my employer—after I resign—before they could give me my options.
Basic scheme information – explanatory booklet or contractual terms
You are entitled to basic scheme information when you join a pension scheme or take out a personal retirement savings account (PRSA) or a personal pension.
Trustees of occupational pension schemes must provide members with certain information about the operation of the scheme. This mainly comes in the form of a scheme explanatory booklet.
It's because the pension scheme is owned by the trustees (who may be the employer), and early retirement is only allowed if they sign off on it.I asked why they couldn’t simply confirm whether I would be entitled to access my benefits once I leave
Those are worse than useless; actually less helpful than the pension authority website....Don't you have, or can't you obtain, a copy of the pension booklet without committing to anything?
In every case?Those are worse than useless
Ok, some of them are just useless.In every case?
Early retirement
Most occupational pension schemes in the private sector permit members to retire
early with the employer’s and/or trustees’ consent generally from age 50 onwards or
within 10 years of normal retirement age. Many schemes allow members to retire due
to ill-health at any age.
I am sure it will be fine and even if they refuse permission, I may leave anyway and I expect I am fully entitled when I reach 60 which is not to far away ( am I???? maybe I should check that too!
I contribute to a Group Standard PRSA scheme through my employer.
How is this detected or enforced.Aside from ill-health, you can only retire a PRSA between 50 and 59 if you are retired / retiring from all paid employment at that time; not just the employment where the PRSA contributions came from.
How is this detected or enforced.
I'm not sure that it is. I signed such a form last to start drawing a modest amount from my PRSA in my late 50s but word seemed to be that it didn't preclude me changing my mind and taking up paid employment again - and if I did that then it would not impact my pension drawdowns other than it being assessable for tax with any other income as normal. That's my understanding anyway but I'm open to correction.How is this detected or enforced.
I can't remember the specifics of the form but definitely some such declaration is made but I can't remember if it goes to the pension provider, Revenue, SW etc...Is being still in employment a question on retirement options forms.
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