Redundancy - pension options / preparation

[Beamie]

This question arises from an earlier one "Redundancy (shut down) - what can become of the company DB scheme" http://www.askaboutmoney.com/showthread.php?t=47939
but I don't want to overload that thread with this separate topic.

I am about to be made redundant after 16 years and I would appreciate advice and info about my pension options (company db scheme). Company is shutting down site, will have very few employees left in Ireland, will probably wind up the db pension scheme.

I had started AVCs in December 2006, stopped them again now with the intention of investing in AVCs in future job rather than put more into old pension scheme.

Currently, my options seem to be (based on info from the company):

• Deferred pension (if pension scheme not shut down - unlikely)
• Transfer to pension scheme of future employer (if/when I get one, hopefully soon)
• Transfer to a personal retirement bond with an Insurance company

I was going to decide this later, when I find out what the company plan to do with the current db scheme, probably wait till I get a job and see what the new company scheme will give in return for transfer into their pension scheme. But Marathon Man's response in the earlier thread suggests that I need to do some preparation now, or at least that there is some advantage to being ready. It also makes me wonder whether I will have an option to transfer into a PRSA (or similar animal - I have some pension reading to do) that I would not normally have as an employee.

Marathon Man:

"My advice is to be proactive about your own affairs, i.e. get yourself sorted in a job or self-employed. If you don't have a home to put the transfer money into, when the funds become available, you will probably be forced to take a Buy-out Bond.

If you are in a new job, you should be able to transfer your fund in. If you are self-employed/own your own business, you will have full control over your funds. ...

Unfortunately, when my employer went into liquidation, I waited to see what the options offered by the Trustees were before I set up the EPP - this takes time. ... the cash wasn't transferred until some 15 months after liquidation ..."

Appreciate advice & info on options, opportunities, and timing.
Thanks.

 

[ClubMan]

How is this separate from your original thread?

 

[Beamie]

Original thread was about what can happen to the db pension scheme, what the company can do, etc.

This thread is about what options I have for my pension now that I am being made redundant, whether there is anything that I should be doing now rather than later, whether I will have any extra options while I am out of work.