New employer, new pension. What has happened my pension from previous employer?

C

conordowd

Guest
Hi All.

I worked for an Irish bank in the Republic of Ireland, where I live. I was with them for about 3.5 years and during this time paid into the Pension Scheme.

I left the bank 3 years ago. I don't recall my employer advising on what happened to my pension contributions that I had made.

I am with a new employer for the last 2 years and am paying into a Pension Scheme now.

What has happened to all of my previous contributions?

Can I get this money back from the bank?

Can I get a cheque for it or does it have to go into my new Pension Scheme?

Or what are my options with it?

Any help/info at all would be greatly appreciated as I am not knowledgeable on this subject.

(I will contact my old employed but in the meantime would like some assistance with the above questions if anyone can be of help)

Regards
Conor
 
Hi Conor,

When contacting your former employer, you should ask for a Leaving Service Options letter.

I wrote a piece recently on pension options for those leaving a job which may answer some of your queries. You can read it here. [broken link removed]

Regards, Liam
 
I worked for the Bank of Ireland for 16 years in a non contributory pension scheme. The bank were making the contributions to my pension on my behalf as part of my employment package. When I left the bank I was told that I would be receiving no pension from the bank because I had left before 1991. I often wonder where the money that was being set aside for me went to.....perhaps in to the pensions of some of the recent senior people who have had to resign!!

Were you in a non contributory pension scheme?
 
IsleOfMan said:
I worked for the Bank of Ireland for 16 years in a non contributory pension scheme. The bank were making the contributions to my pension on my behalf as part of my employment package. When I left the bank I was told that I would be receiving no pension from the bank because I had left before 1991. I often wonder where the money that was being set aside for me went to.....perhaps in to the pensions of some of the recent senior people who have had to resign!!

Were you in a non contributory pension scheme?
Click to expand...

As you left before 1991, you were only entitled to your own contributions back, and as it was non-contributory then entitled to nothing I'm afraid.

If a person left a scheme between 1 Jan 91 and 1 June 2002 with more than 5 years service, then they are entitled to pension rights within their scheme.

If you left after 1 June 2002 with more than 2 years service, then you are entitled to pension rights within the scheme.

If you fall into any other category then the only entitlement by law is return of contributions ( employee only) after tax.
 
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