Moved to Public Sector, small penion from private employer, what to do?

YoungBonnie

Registered User
Messages
4
I recently joined the public sector from the private sector (30yo).
I had contributed a small amount to a pension with my previous employer, with just over €1k in the fund.
I'm looking for advice on what to do with this money. Is there any point transferring the pension across to my public one? If I get it refunded, I will lose 20% on tax.
I am not overly familiar with pensions so any advice would be welcome!
 
Less than a year. Salary was poor, was contributing 5% with employer matching this I believe. I'm notr sure if the employer contribution is included in the fund though?
 
Hi Bonnie, you can leave it there, if allowed. Or you can reclaim your contributions (not employers) as you are in it less than 2 years. As you said though, tax would be payable on it. You can ask your pension officer if they will allow you to transfer it to public one as an AVC maybe? Other, more experienced posters should be able to help you out more in this respect.
 
You need to request your 'leaving service options' this will give you the exact figure and the breakdowns. Probably best to tidy it up now while it is fresh in your head.
 
I have recieved the Leaving Service Options. This outlines that I will be charged the 20% if I withdraw the contribution.
I can transfer it to a new pension plan, PRB or PRSA. Or I can defer it and it will be worth €4500 at time of retirement.
I may just be as well to withdraw it and have it for current use as it will not contribute to the defined benefit public sector pension?