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Forced to leave a defined contribution pension scheme ?

  • 17-02-2011 10:41am
    #1
    dak
    Registered Users, Registered Users 2 Posts: 2,577 ✭✭✭


    My Ex employer sent me a letter with leaving options from a Canada life defined contributon pensions scheme. There are only 2 of us in the scheme which I believe is paid up . I never asked to leave the scheme and the surrender value to transfer is about €2k less than the contributions made .

    Does any one know if I can be forced to leave and is the trustee allowed to wind it up. I am going to see a financial advisor but just wanted to know if anyone knows what my rights /options are ?

    Thanks for any information

    Dak


Comments

  • #2
    Kennie1
    Registered Users, Registered Users 2 Posts: 302 ✭✭Kennie1


    Yes your old employer can wind up the scheme. As there is only 2 in the scheme it is very lightly that the cost of the scheme is very high. You can transfer the benefits to a PRSA or to a Buy out Bond. By doing this you become the owener of the assets which is a good thing from your point of view. When the assets are transfered you will not lose the 2000 you are down as you are selling and buying pension assets within a week.

    If you go the BOB route you will be able to claim benefits at the age of 50 where as if you transfer to a PRSA you will have to wait till the age of 60 before you can claim benefits. Depending on years service from your old employer your FA will advice which is the best option for you.


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