Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Getting a Pension Fund back

Options
  • 08-02-2012 9:53am
    #1
    DE2011
    Closed Accounts Posts: 2 ✭


    Hi,
    I would appreciate some help on the following issue I'm having regarding pensions. My knowledge on this sort of thing is very limited!

    I entered into a group pension scheme in 2009 where both employer and myself made contributions. I didn't realise at the time but if I stayed in the plan for longer than 2 years then my contributions could not be extracted, this amounts to roughly 1600euro. I have since moved from this job and so have been given the option to leave my contributions there, or move to another pension scheme.

    Maybe this is a shot in the dark but is there anyway I could move this to another scheme that would allow me to extract the money after a few years (3-5). Maybe invest my contributions in shares, or bank shares which I hear is good time to buy right now.

    All comments and info would be greatly appreciated. As you can prob see from above I really havent got a clue on this kind of thing :confused:


Comments

  • Options
    #2
    skippy2
    Registered Users Posts: 393 ✭✭skippy2


    Simple answer is no if you are over the 2 year limit
    I think the options you have been offered are correct, just have to look forward to retirement i think :D


  • Options
    #3
    ANXIOUS
    Registered Users Posts: 3,095 ✭✭✭ANXIOUS


    No, you can't only thing you can do is keep it there till you turn fifty or transfer it to your new scheme.


  • Options
    #4
    DE2011
    Closed Accounts Posts: 2 ✭DE2011


    Aw! No such thing as a scheme with a loop hole. I guess I'll wait so til I'm old n gray so!


  • Options
    #5
    HowFinancial
    Registered Users Posts: 71 ✭✭HowFinancial


    If you have been a member of the scheme for greater than 2 years then you will not be able to simply withdraw the funds from your pension scheme. Even if you were a member of the scheme for less than 2 years then for you to get your hands on the cash the tax relief which you received would be deducted from the total sum, and in some instances you may not be entitled to the employers portion of contributions.
    Your options are:
    1. Leave as is.
    2. Transfer to a new company pension scheme with a new employer
    3. Transfer the value to a pension vehicle in your own name (either a PRSA or a Retirement Bond).
    Within option 3 you can choose to invest the funds pretty much however you wish, depending on the vehicle chosen (for stocks/shares you need to ensure the vehicle has the appropriate facility built in).

    Note: Age 50 is normally the earliest you may draw retirement benefits. This can be done under a Retirement Bond (also called a Buy Out Bond), or under a company scheme.

    Whichever option you choose ensure you are aware of how your funds are invested, as in many instances this can have a huge bearing on the benefits you will be entitled to draw from your pension scheme.


Advertisement