Presumably one's age related pension tax relief limit must not be breached?
Also - what about PRSI/health levy relief?
Yes.So if you leave the company within 2 years you get your contributions back minus tax and you don't get what the company put in?
Not transferred but you may be able to contribute it in order to achieve the same effect as outlined by LDF above.Can this sum be transferred to a new comanies pension scheme tax free?
Not exactly. After 2 years your rights to the employer contributions vest, you can no longer take any sort of refund but you can transfer the full value (including the value of employer contributions) into a new occupational fund, to a buy out/pension retirement bond or leave it invested in the old scheme. You can never take a refund of employer contributions as far as I know.But after 2 years you get what the company put in.
As above - you cannot get a refund of the employer contributions before or after 2 years are up.Can this whole sum be transferred into a new Pension plan, with a new company say? Or can you get the whole sum, your contributions and companies, minus tax?
2 years after joining the pension scheme unless you have already transferred in vesting time along with contributions from a previous occupational scheme.Is this 2 year cut-off, 2 years after starting the pension plan or 2 years after joining the company?
It depends on the pension scheme rules.
But you still cannot get a refund of employer contributions as far as I know.If your pension scheme has a vesting period of one year, that means that you will get to keep your employers' contributions if you don't cash the pension scheme. This would usually be the best strategy, unless your AVCs were far higher than the employers' contributions.
As far as I know it must be reduced if you transfer in vesting time along with contributions from a previous occupational scheme.Your vesting period may sometimes be reduced if you had been a member of the pension scheme of your previous employer.
It depends on the pension scheme rules.
Under the law the maximum vesting period is two years (after joining the pension scheme as distinct from after starting the job?), but some pension schemes have shorter vesting periods.
If your pension scheme has a vesting period of one year, that means that you will get to keep your employers' contributions if you don't cash the pension scheme. This would usually be the best strategy, unless your AVCs were far higher than the employers' contributions.
Your vesting period may sometimes be reduced if you had been a member of the pension scheme of your previous employer. Brendan
If you are made redundant by your employer before the 2 year vesting period has been completed as opposed to voluntarily leaving, do you still lose your employers contributions?
Withdrawal from service is regarded as covering all circumstances of leaving service, otherwise than by death, or by retirement in accordance with the rules of the scheme. So, yes, if your scheme rules state that there is a 2 year vesting period, then you will lose the employer portion if you leave, voluntarily or not, within the 2 year period.
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