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Private pension fund

  • 12-08-2010 8:19pm
    #1
    Tomairis
    Closed Accounts Posts: 3 ✭


    Hi there,

    A quick question, I am contributing to a company pension fund for more than 2 years now. I am thinking to leave the country for good to go home to South America. Is there a way I cash the money? Even if I need to pay taxes on this.

    Thank you
    Tagged:


Comments

  • #2
    fcukface12
    Closed Accounts Posts: 1 ✭fcukface12


    Tomairis wrote: »
    Hi there,

    A quick question, I am contributing to a company pension fund for more than 2 years now. I am thinking to leave the country for good to go home to South America. Is there a way I cash the money? Even if I need to pay taxes on this.

    Thank you

    Take out the money,fly to SA and dont look back.Fcuk the taxman.icon12.gif
    PS you cant come back after them i am afraid


  • #3
    Tomairis
    Closed Accounts Posts: 3 ✭Tomairis


    Is there a way to do that????:)


  • #4
    eagle_i
    Closed Accounts Posts: 89 ✭✭eagle_i


    Tomairis, statutory rules state if you have two or more years in an occupational pension scheme, then no you are not entitled to a refund. If you have less than two years pension membership you can avail of a refund, but the refund is in respect of the value of your employee (personal) contributions less tax, the employer contributions are refunded back to your employer - you have no entitlement to those contributions! (Please note the value may be less than you paid in to the scheme).

    You may think this is unfair, but remember you got full tax relief on the contributions paid by you personaly, and any employer contribution is as such a pay increase - your employer is not required to contribute or set up a pension for you. Yes your employer must at the very least provide a PRSA salary deduction service for a PRSA provider, but the employer does not have to contribute.

    Transferring to an overseas pension product is an option, however, where you are a member of an Occupational Pension Plan the Trustees hold the final decision of whether the transfer can take place. The Trustees of your employer's pension plan hold significant legal responsibilities which are imposed on them personally (no hiding behind limited companies etc..) in respect of all members funds and must ensure prudent investment of those funds along with a long list of other duties of care. Also if funds are being transferred to another pension arrangement (either in Ireland or overseas) they are required to ensure those funds are transferred to an appropriate plan which mirrors an irish revenue approved retirement plan (ie. it is an equivanlent pension product, with a specific retirement age etc..).

    The best thing to do is contact the pension administrator of your employer's plan, ask them what your options are if you were to move back home. You will also need to seek advice in your home land to find an appropriate retirement plan to receive the transfer from Ireland.

    Sorry, Fcukface, it is not a case of taking the money and running where pension contributions are concerned, the taxman gets paid before you get your hands on any money!!!


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