Pension provider requiring info

R

roker

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After many months and lots of letters I am trying to tie up my pension funds. Why is it they require information of other pension providers before they will give details of what I will receive? etc. They owe me the money that I have paid in.
I have now one week to go to retirementand they have still not told me when I will receive my funds. There could be a gap between my last wage and my pension payments. One of them will owe me €20,000 in a weeks time but will not say when they will pay up.
 
roker said:
After many months and lots of letters I am trying to tie up my pension funds.
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What do you mean by "tie up"? Consolidate/merge perhaps?
Why is it they require information of other pension providers before they will give details of what I will receive?
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They may need to keep track of occupational pension fund vesting time, Revenue overfunding rules etc.
I have now one week to go to retirementand they have still not told me when I will receive my funds. There could be a gap between my last wage and my pension payments. One of them will owe me €20,000 in a weeks time but will not say when they will pay up.
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Can you explain in more detail what the issue/problem is? Who exactly is involved here, what sort(s) of pension(s) and what are they asking you for?
 
There are Revenue limits as to the maximum pension you can receive from an Occupational Pension Scheme. Benefits from all pensions will be taken into account in calculations. In order to ensure that you are not exceeding these limits, each provider must know what benefits you will be receiving from any other pension schemes. If you have benefits from various different schemes with various providers, this can cause delays as you need to firstly gather all the relevant information from each provider and then send it out to all of them.
 
By tie up I mean calculate or assess total of all the pension.

I just found that A UK pension I paid 30 year ago has been deducted from my state pension, unknown to me they said it was a contracted out pension (can a defered pension be contracted out?), I am left with a net value of approx £4 on this pension after 30 years defered, although I only paid in for about 2 years. So I am suspicion when pension companies ask if I have retained benefits.

It seems tax offices and everyone want a cut. why bother with a pension?
 
If you qualify for the State Contributory Pension because you paid sufficient PRSI contributions of a suitable class over your working life, no private pension arrangement, however large or small will affect this.

The pension companies are asking for information about your retained benefits to establish if you have exceeded maximum pension rules. As these rules are very generous, it is quite rare for anyone to exceed them so unless you've been putting in huge amounts into private pension arrangements, relative to your salary, you've nothing to worry about.

Pensions are taxable, but you get an additional tax credit at 65 and an increased tax exemption threshold (if you are 65 or over you can earn up to €20,000 per year tax-free. A married couple can earn up to €40,000 per year tax-free if one of them is over 65.) You also get a tax-free lump sum from most if not all of your pension arrangements.
 
Thanks for your reply. I am getting a 25% tax free lump sum from one of my pension in Ireland. I can however confirm as previously mention my UK state pension has been reduced because they say I was contracted out of the state pension to a private defered UK pension that I paid 30 year ago which gives me £12 a week. As this pension changed companies 4 times during the 30 years, I have no way of chasing the original agreement.
 
Refering to my original post. It would seem that one pension provider will not pay out until the other pension provider pays out. it looks like I have a stale mate situation over tax. They will not tell me when they will pay my defered pension (only the tax free lump sum) One of them has to make the first move, I am 2 days away from retirement age.
Has anyone else encounted this situation? are the pension providers using stalling tactics?
 
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