Pension - Leaving Service Options Form

Delta2113

Made redundant since April. Just received my form out with 4 options:-

1. Do nothing - deferred retirement benefit
2. Transfer payment to new Employer's Plan (need a job first)
3. Transfer payment to bond
4. Transfer payment to PRSA

My first question is how long can I reasonably wait before I reply to the letter?

I obviously can't do option 2 now as I have no new job yet.

Can I wait weeks or months before I send back a reply?

howiya

https://www.boards.ie/discussion/2058357091/leaving-service-options-form

It doesn't matter how long you take to reply. Option 1 will prevail until the pension administrator hears otherwise from you.

And when do you get a new job, don't just take option 2 for the sake of it. Compare both schemes. You may or may not be better off leaving it where it is.

Delta2113

I'm thinking off going with option 1 as I am still unemployed so certainly can't do option 2. Option 1 mentions I can retire at 50 and I am now in my mid fifties. I still hope to get another job.

If I return the form will they automatically start paying me some money or would I have to request to 'draw it down' so to speak? Nothing on the form regarding this.

I'm happy to wait until 65 before drawing down the money.