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pension contributions from employer

  • 30-06-2008 1:30pm
    #1
    creme egg
    Registered Users, Registered Users 2 Posts: 112 ✭✭


    Hi all,

    Hope that some pension experts might be able to help me with this.

    I have been employed with my current company for 1 year and 13 months. My employer has been making contributions to my pension fund for the last 13 months.
    2 months ago the company stopped all of our benefits such as health insurance, mobile phone, pension etc. (they also let 12 people go, but that is a different story)
    I went to our HR contact the other day to get a pension statement. They have received this, and I will get it today. I was told by HR that the pension is just frozen, not stopped, so I cannot any contributions that they have made with me. (I handed in my notice at the end of last week)

    I am aware that the employer has to make two years worth of contributions before the employee can take it with them. But was informed this was different, and the employer broke the "contract"

    We has a representative from a bank come in a few weeks ago to talk to us individually about our pensions, and he told us all that because the employer broke the contract regarding pensions contributions, we get to take any contributions they make with us.

    Can an employer just freeze pensions, Is there a time scale for this?

    Of course I want to take their contributions with me. Where would I stand with this?

    Thanks so much

    Creme egg


Comments

  • #2
    BiddyBop
    Registered Users, Registered Users 2 Posts: 15 ✭BiddyBop


    Hi Creme Egg, unfortunately this can be a bit of a grey area as with almost everything in Pensions!!

    Officially an employee should have 24 months scheme service to be entitled to the employer's contributions (depending on the scheme rules but 24 months is the max. and the majority of employers use this). If an employee is made redundant they are automatically entitled to the employer contributions, not if they wish to take a refund of their contributions however, they can only ever take a refund of their own portion.

    In Ireland however, an employer is not legally obliged to provide an Occupational Pension Plan for their employees, the extent of their obligation is to designate a PRSA provider, to which they do not have to contribute.

    They are therefore entitled to freeze a pension plan at any time if they so wish. The Trustees (which are usually the company Directors in my experience) are however obliged to act in the best interests of the members of the pension plan in all circumstances as they should act independently of the employer (or if they are the employer they should keep these roles distinct).

    This may not be much help but if you really want to get a definite answer you would probably need to contact the Pensions Board. As I said, the Trustees should be acting in your best interests and by the sounds of things there are more people you work with in the same position as you!


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