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Pension Question

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  • 01-03-2010 9:28pm
    #1
    denashpot
    Registered Users Posts: 277 ✭✭


    Hi,

    I be in my job 2 years come June. I got a letter from the job the other day saying the Pension scheme I am in at the moment will no longer be compulsory.

    Is it wise to pull out now?

    And also it said i can get a "refund of contributions" as im there less than 2 years. Is that a refund on every cent I have paid in so far?

    Thanks for your help....

    Pat.


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    #2
    Jet Black
    Registered Users Posts: 3,843 ✭✭✭Jet Black


    denashpot wrote: »
    Hi,

    I be in my job 2 years come June. I got a letter from the job the other day saying the Pension scheme I am in at the moment will no longer be compulsory.

    Is it wise to pull out now?

    Its really up to yourself. I would say it would be wise to have a pension. Pensions took a beating with the recession but because your only in it two years it would not have affected you much.
    And also it said i can get a "refund of contributions" as im there less than 2 years. Is that a refund on every cent I have paid in so far?

    Thanks for your help....

    Pat.

    Minus charges.


  • Options
    #3
    jimoc
    Registered Users Posts: 634 ✭✭✭jimoc


    I would advise sticking with the pension contributions for now, unless the extra money you would make each month is absolutely necessary.
    If you can afford to be without it it will benefit you much more in the future then getting a small amount as a lump sum would benefit you now.


  • Options
    #4
    Blackjack
    Registered Users Posts: 3,600 ✭✭✭Blackjack


    denashpot wrote: »
    Hi,

    I be in my job 2 years come June. I got a letter from the job the other day saying the Pension scheme I am in at the moment will no longer be compulsory.

    Is it wise to pull out now?

    And also it said i can get a "refund of contributions" as im there less than 2 years. Is that a refund on every cent I have paid in so far?

    Thanks for your help....

    Pat.

    Regarding the "Refund", that can be advantageous, if you've been paying the higher rate of tax, and depending on whether there has been some positive performance of the fund during that time.

    Otherwise, it's propably best to leave where it is, or if you're planning to stay in your job, keep paying in.


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    #5
    denashpot
    Registered Users Posts: 277 ✭✭denashpot


    Im staying in it anyway. I'll be happy when i retire. Whether that be when im 65, 68 or god knows how old the retirement age will be by then with this government. :rolleyes:


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