S
slmaine1
Guest
After months of unemployment I have been very fortunate in securing a permanent job. When I attempted to transfer my pension fund from my old occupational scheme to my new company scheme I was told that 5% of my pension would be withheld in the old scheme. The reason for this is that the 5% is heavily invested in Irish property. The strange thing is that they are able to give me a figure for the amount withheld. I always thought if you can't sell a share, it doesn't have a value...
It's a not a hugely significant amount but I would like closure from both my old job and their pension provider. They have refused to give me a time estimate on when the 5% can be transferred although they have referred to this in terms of 'Years'.
It's obvious they're holding out for NAMA and the next property boom, but there was no NAMA for me and many others who have had to accept significant losses on property values.
Back to the point...Is it acceptable for this pension provider to withhold my 5%. Is it even legal to maintain 2 occupational pension schemes?
They're blaming the bank that manages the fund, but my agreement is between myself and the pension provider and I don’t see how they can lay blame elsewhere.
Thanks in advance for any advice.
It's a not a hugely significant amount but I would like closure from both my old job and their pension provider. They have refused to give me a time estimate on when the 5% can be transferred although they have referred to this in terms of 'Years'.
It's obvious they're holding out for NAMA and the next property boom, but there was no NAMA for me and many others who have had to accept significant losses on property values.
Back to the point...Is it acceptable for this pension provider to withhold my 5%. Is it even legal to maintain 2 occupational pension schemes?
They're blaming the bank that manages the fund, but my agreement is between myself and the pension provider and I don’t see how they can lay blame elsewhere.
Thanks in advance for any advice.