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Pension advice

  • 25-10-2014 4:22pm
    #1
    Baralis1
    Registered Users, Registered Users 2 Posts: 350 ✭✭


    I started a a company defined benefit pension 6 years ago with a company I was working for. I left that company a year and a half ago and joined another company where I worked for a year. I was entitled to join the 2nd company's pension after 6 months but didn't as I knew I would be moving on. I joined a third company 6 months ago and I can join their pension now but I have only six months left on my contract after which I may be offered another contract or have to move on meaning I would be left with a second tiny pension with this company.
    Does anyone have any advice for someone like me who seems to move jobs often. Should I set up my own private pension and just transfer the company pension funds into it whenever I move job?


Comments

  • #2
    homer911
    Registered Users, Registered Users 2 Posts: 5,150 ✭✭✭homer911


    It's my understanding that you are entitled to join a company pension scheme on day one of your employment


  • #3
    Baralis1
    Registered Users, Registered Users 2 Posts: 350 ✭✭Baralis1


    Not according to my last two employers but I didn't check it out myself and took their word for it.


  • #4
    WPH Insurance
    Registered Users, Registered Users 2 Posts: 1 ✭WPH Insurance


    Baralis1 wrote: »
    I started a a company defined benefit pension 6 years ago with a company I was working for. I left that company a year and a half ago and joined another company where I worked for a year. I was entitled to join the 2nd company's pension after 6 months but didn't as I knew I would be moving on. I joined a third company 6 months ago and I can join their pension now but I have only six months left on my contract after which I may be offered another contract or have to move on meaning I would be left with a second tiny pension with this company.
    Does anyone have any advice for someone like me who seems to move jobs often. Should I set up my own private pension and just transfer the company pension funds into it whenever I move job?



    Suggest that you get financial advice (look for a free session) from an independent financial advisor.

    There is a pension vehicle available in the Irish market to which you can make contributions, regardless of what job you are in going forward i.e. a PRSA. This is a product that does not necessarily require contributions to be made through an employer as you can arrange to contribute independently from your own bank account etc. Tax relief on contributions is available by submitting the appropriate confirmation to Revenue. You can increase, decrease, cancel or postpone, restart contributions depending on your financial situation at any one time.

    You also need to know exactly what your entitlements are regarding past pension contribution arrangements.

    Hope that helps

    WPH


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