no proof of pension

[mukki]

i had an old pension in the drawer beside my bed, it was from a factory i worked in for 10 years


i was told that it was dormant and should be moved into a new pension, so i brought it to a pension /insurance company, and signed it and never heard any more about it,

i have rang about 5 times in the last year and i'm told that its still bring sorted, i have no proof that this pension ever existed as i didn't keep a copy,

so i am just wondering

1)is it possibal for someone to rob a pension?
2)does it take a long time (years) to transfer it to a new pension

 

[Bar101]

Q1.
It should not be possible to "rob" your pension. However lots of pension funds are currently underfunded and may not be able to pay out the full benefits in the future (e.g. Waterford Crystal, SR Technics).
Q2.
Unfortunately it can take years to sort out certain pension transfers. It should not but..... It is dependant on
- the nature of the pension you have (defined benefit or defined contribution)
- when you left service (i.e. pre 1991, pre 2002)
- your pension trustees
- terms and conditions of your pension.
- years of service (2 years is the critical point)
- sundry other issues.

Your first step is to request a copy of your "Leaving Service Options Letter" from your original Pensions Trustee.

Assuming there is a different company handling the transfer then you need to WRITE to them stating your basic details (when you worked for the factory, number off times you rang them etc) and ask them for a written update on progress.

Finally look at the following site http://www.pensionsboard.ie/index.asp?locID=108&docID=-1#4 for a guide to Pensions and what happens when you change jobs. It is not exactly a simple to use guide but these are the people you will be complaining to if this process drags on much longer or if the pension trustees are not forthcoming with information.

 

[mukki]

feel much better after reading that, its been bothering me for months now

thanks