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Leaving a Company - What happens my pension

  • 08-04-2014 11:21am
    #1
    1867IE
    Registered Users, Registered Users 2 Posts: 133 ✭✭


    I have a pension for three years with a Company I work for.

    It's a contributory pension (not sure how much they contribute) and I reckon I have about €10,000 contributed.

    I am thinking of departing for another company so what will happen this pension?

    If I transfer it will I lose some of it? All possibilities welcomed!


Comments

  • #2
    IK09
    Registered Users, Registered Users 2 Posts: 1,055 ✭✭✭IK09


    All depends on the scheme, if you transfer it, you may incur penalties (depending on how long ago you started it). I wouldnt worry about these penalties as you will get an extra allocation % for moving the business to someone else, these usually cancel any penalty.

    p.s penalties usually go along these lines.
    1 year in - 5%
    2years in - 4%
    3years in - 3%
    4 years in - 2%
    5 years in - 1 %
    After 5 years no penalty.


  • #3
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    Send a pm to Liam D. Ferguson who constantly gives out some great advice on pensions here on boards.

    1867IE wrote: »
    I have a pension for three years with a Company I work for.

    It's a contributory pension (not sure how much they contribute) and I reckon I have about €10,000 contributed.

    I am thinking of departing for another company so what will happen this pension?

    If I transfer it will I lose some of it? All possibilities welcomed!


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