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

Zurich Pension

Options
  • 24-08-2012 6:29pm
    #1
    Registered Users Posts: 5


    Hi im just wondering if anyone can help me. I had/have a pension with zurich but when I left my job that signed me upto it I stopped paying into it. I have asked them if there is any way of reclaiming the money but I have not been given any straight answers. Can anyone help me?


Comments

  • Registered Users Posts: 2,689 ✭✭✭endofrainbow


    it really depends on the set-up of the pension scheme, how long you had been contributing and what type of scheme it is.

    Try and find out who the Trustees of the scheme are, and write to them. Alternatively, contacts The Pensions Board.


  • Registered Users Posts: 5 Ciaram123


    thanks for that. I was set up automatically and was not really given any information on it. I was only 18/19 and to be honest I dont understand any of it.:o


  • Moderators, Business & Finance Moderators Posts: 17,711 Mod ✭✭✭✭Henry Ford III


    If you were a scheme member for over 2 years, a refund isn't possible.

    p.s. You should have been given documentation on the scheme, and a "leaving options" letter.


  • Registered Users Posts: 750 ✭✭✭broker2008


    It is clear enough, ask Zurich to send you your options, the options available to you will depend on whether it is a PRSA, Defined Contribution, Defined Benefit Scheme? Were you paying into the pension for more or less than 2 or 5 years? If you are given the option to get a refund of your premiums you will be taxed on the amount though and not able to get the benefit of your employers contributions. Pensions are generally designed to be not accessible as they are building up a retirement fund. If you haven't got one, start one up.

    Have a look here to see the figures yourself - http://www.irishlife.ie/advice/pension-calculator.html


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


    broker2008 wrote: »
    It is clear enough, ask Zurich to send you your options, the options available to you will depend on whether it is a PRSA, Defined Contribution, Defined Benefit Scheme? Were you paying into the pension for more or less than 5 years? If you are given the option to get a refund of your premiums you will be taxed on the amount though and not able to get the benefit of your employers contributions. Pensions are generally designed to be not accessible as they are building up a retirement fund. If you haven't got one, start one up.

    Have a look here to see the figures yourself - http://www.irishlife.ie/advice/pension-calculator.html


    I think the five year period won't be applicable here op, unless you worked there circa ten years ago. The new period is two years.


  • Advertisement
  • Registered Users Posts: 750 ✭✭✭broker2008


    ANXIOUS wrote: »
    I think the five year period won't be applicable here op, unless you worked there circa ten years ago. The new period is two years.

    When I re read my post I after posting I amended to 2 or 5 years ;) He is more than likely to be 2 year rule.


  • Registered Users Posts: 5 Ciaram123


    Turns out I cant touch it...


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


    Thats no unusual, you will have the option to defer it or transfer it. Early retirement kicks in at fifty.


Advertisement