Pension question

leinsterdude

Pension question
Hi all, I have a pension fund of circa 30k from a job I left a few months back, I am starting a new job, the pension will not kick in straight away, am I best to keep the pension going myself with the old one and even pay a very small amount, or leave it to mature and wait for the new one in a year or so ?

Cheers.

mp22

Moved from state benefits.

hmmm

leinsterdude wrote: »

Pension question
Hi all, I have a pension fund of circa 30k from a job I left a few months back, I am starting a new job, the pension will not kick in straight away, am I best to keep the pension going myself with the old one and even pay a very small amount, or leave it to mature and wait for the new one in a year or so ?

Cheers.

When you left your previous job, were you given a letter with options for what to do with your pension? You won't be able to contribute to your old pension any more.

You can take out your own pension while waiting for your new employers pension to become available. Just be careful of costs.

ANXIOUS

I'd recommend transferring your old pension into your new one ASAP. The reason behind this is once your transfer is for a period of two years or more you will get immediate vesting in the new place. Ie if you say less than two years you still retain the er contributions.

leinsterdude

Thanks transferring it and now adding my own contribution, how do I claim tax relief if employer does not get involved at all ?

Alan152

Hi Leinster dude
What type of pension is the new one is it a prsa?when you say employer is not involved are they not contributing or nor facilitating payroll deduction?