What's happened to pension?

[Shaz]

I have been living and working in Ireland for the last 6 and a half years. My current and previous employer had a defined benefit scheme of which I also had to contribute monthly. What happens to my pension when I leave the employer? I do not remember doing anything about my pension when I left the previous employer.

 

[peno]

The pension will still be there and you will be entitled to a deferred benefit which will become payable at the normal retirement age of the scheme. this will be based on the service you had when you left and the salary you were on at that time.

alternatively you can now transfer that pension into the pension scheme of your new employer. Although depending on the solvency level of your old scheme this may not be a good idea.

First step is to get a statement from your old employer/or adminsistrator to you old plan.

 

[Guest126]

Shaz, if you did not have TWO years as a member of the pension scheme in your previous employer then you may NOT be entitled to a deferred pension, you may only be entitled to a refund of your contributions made.