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Pension Query

  • 23-12-2015 11:28am
    #1
    xXLaneyXx
    Registered Users, Registered Users 2 Posts: 71 ✭✭


    I'm wondering can anyone enlighten me on a pension query.
    I am originally from the Rep. of Ireland and after I finished university I worked for a semi-state body for 4 years paying PRSI, PAYE and also paid monthly into a pension for those 4 years.
    I have since moved to the UK and began another job. I have never claimed any benefits while I lived in the Republic.

    Can anyone tell me If I can get back any of the pension or monies that I paid in those years. I am now living here permanently and won't be moving back.

    Can I ask for the pension money to be transferred to my new pension fund or do I get a sum of money back?
    Thanks in advance.


Comments

  • #2
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,861 Mod ✭✭✭✭Henry Ford III


    xXLaneyXx wrote: »
    I'm wondering can anyone enlighten me on a pension query.
    I am originally from the Rep. of Ireland and after I finished university I worked for a semi-state body for 4 years paying PRSI, PAYE and also paid monthly into a pension for those 4 years.
    I have since moved to the UK and began another job. I have never claimed any benefits while I lived in the Republic.

    Can anyone tell me If I can get back any of the pension or monies that I paid in those years. I am now living here permanently and won't be moving back.

    Can I ask for the pension money to be transferred to my new pension fund or do I get a sum of money back?
    Thanks in advance.

    You'll have what's called a preserved benefit. You won't be able encash it until retirement.

    Depending on the type of scheme it may be possible to transfer it out into a policy in your own name, or a new employers scheme in the UK.

    You should have been informed of your benefits when you left the old job. I'd suggest you contact personnel/scheme administrator.


  • #3
    coylemj
    Registered Users, Registered Users 2 Posts: 25,624 ✭✭✭✭coylemj


    Henry Ford III wrote: »
    You'll have what's called a preserved benefit. You won't be able encash it until retirement.

    OP might be able to cash it in (after deduction of tax) with less than 5 years service.

    In the general public service (including Gardai, teachers etc.) the benefit is locked down after five years service and you have to wait to collect the deferred pension when you reach a certain age but with less than five years service, you can ask for the contributions to be returned net of tax.

    But as you advised, he/she needs to ask the pension people in that semi-state company as they may have different rules for preserved benefits.


  • #4
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,861 Mod ✭✭✭✭Henry Ford III


    coylemj wrote: »
    OP might be able to cash it in (after deduction of tax) with less than 5 years service.

    In the general public service (including Gardai, teachers etc.) the benefit is locked down after five years service and you have to wait to collect the deferred pension when you reach a certain age but with less than five years service, you can ask for the contributions to be returned net of tax.

    But as you advised, he/she needs to ask the pension people in that semi-state company as they may have different rules for preserved benefits.

    2 years scheme service is max. for a refund of contributions.


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