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Buy out bonds, prsa, pensions ?!

  • 08-03-2011 1:28am
    #1
    erwinnl
    Closed Accounts Posts: 3 ✭


    Hi,

    I'll soon be leaving Ireland, after only 10 months in the country.
    I've built up somewhere like 4500 in pension, of which my employer paid 2500.

    When I leave, I have the option to transfer it or take a cheque, which means I'll only be refunded the sum I paid myself.

    Now I've heard from someone that in a case like this you need to transfer your pension to another pension scheme which can then refund the total sum minus revenue.

    Searching the internet doesn't really help me, does anybody know how this works and which pensioncompany would help me do this ?

    Thanks for any feedback
    Tagged:


Comments

  • #2
    Mort5000
    Registered Users, Registered Users 2 Posts: 419 ✭✭Mort5000


    Contact a pension company in your new (original?) country and discuss it with them.
    They should be able to facilitate this as they would be receiving the pension.


  • #3
    erwinnl
    Closed Accounts Posts: 3 ✭erwinnl


    Hi, thx for the reply. The point is that I want to cash the pension, and not put into some other black hole.

    Unfortunately in most countries, your can't cash the pension...
    I can choose to have my contributions back from my employer, but I'll miss the part they put in, that's why I need a "3rd party" to transfer it to first.


  • #4
    Kennie1
    Registered Users, Registered Users 2 Posts: 302 ✭✭Kennie1


    You could do this and I could go to the bother of explaining how to do this, but do you really think a life company/broker/employer is going to do this for you without charging you a huge fee?...Yeah, good luck with that one:rolleyes:


  • #5
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,852 Mod ✭✭✭✭Henry Ford III


    How old are you OP? Min. 50 to avail of early retirement under an occupational scheme.

    It's a complex area, and you should get proper advice.


  • #6
    erwinnl
    Closed Accounts Posts: 3 ✭erwinnl


    I'm aware that any pension fund/broker will charge me a ridiculous fee, but the alternative is to just waive the 2500 my employer put in.

    I'm 31 by the way, and my total stay in Ireland will be 10, max 12 months so I'm well below the 2 year limit.


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  • #7
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,852 Mod ✭✭✭✭Henry Ford III


    No way of taking the lot in cash. Not at your age. You could transfer the lot to a buy out bond, but as I said above 50 is the minimum age for early retirement, and that's subject to Revenue rules and limits.

    I guess the thinkling is it's a pension for retirement and not a short term savings plan.


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