Resigning: P60, Pension & VHI q's

Q

quando

Guest
Hi there,
I'll soon be resigning from my current job which has benefits such as a pension and VHI contributions. I don't know yet if my next job will have these but if not, is it easy to transfer payments i.e. should I set up my own private pension plan and can I continue paying into the VHI fund privately?

Also does my P60 show what I earned in the previous year in total or just what I earned from my main employer? Sorry for the naievety, I'm just trying to prepare for the upheaval of moving job and questions to/from employer.

Thanks.
 
Pension - it will depend on how long you have been paying into the pension fund. If its less than 2 years then you can cash it in less tax and loose the employers contribution. If its more than 2 years then you can transfer it to your new employers scheme if one exists or set up a private pension fund and contribute to it yourself. I'm not sure if you can transfer the existing funds to a PRSA but I'm sure someone else may have the answer to that.

VHI - yes you can continue to contribute on a private basis. Chances are you may have been getting a discount through your employer so you could loose this. Alternatively if you're a member of a credit union you may be able to pay your VHI through that and get a discount from them.

If you finish before the year end you wont get a P60 from your current employer; you will get a P45 which will detail gross wage from that employer plus tax and prsi details. A P60 will only show what you have earned from that employer and wont include monies earned or tax paid from a different employer. HTH
 
If you find out your next job does not have VHI then contact them. They will give you the 10% group scheme discount regardless and you can pay either annually or monthly contributions(no penalty for monthly contributions).
They did for me when I left my last job.
 
Hey thanks for the information, you've been very helpful!
 
Can I assume you are resigning and have not got another job yet ? My old employer just paid the VHI monthly so they just cease the plan and you will be asked to pay the remainder (of the yaer) by the VHI. They will notify you of this.
I'm not sure you can cash in your pension anymore. I believe the government may have changed this a while back but you have 2 options. You can leave the pension where it is and start a new one with your next employer or if and when you get a new pensionable job you can transfer it then.
 
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