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Any point chasing up old pension plans from previous employers and how to do it

  • 23-09-2017 10:31AM
    #1
    Tylerdurex
    Banned (with Prison Access) Posts: 375 ✭✭


    I'm in my current role almost 10 years and I have a pension that I and my employer contribute to as well, since college I worked briefly in 3 different companies and I'm just wonder if it would be worth seeing if there were plans that were paid into that could be added to my current pension

    The dates and length of time worked in each are

    Jan 2002-August 2002
    Mar 2004-Jan 2005
    March 2005-October 2006


Comments

  • #2
    BrokenArrows
    Registered Users, Registered Users 2 Posts: 7,548 ✭✭✭BrokenArrows


    Tylerdurex wrote: »
    I'm in my current role almost 10 years and I have a pension that I and my employer contribute to as well, since college I worked briefly in 3 different companies and I'm just wonder if it would be worth seeing if there were plans that were paid into that could be added to my current pension

    The dates and length of time worked in each are

    Jan 2002-August 2002
    Mar 2004-Jan 2005
    March 2005-October 2006

    Sure its worth it but just check its value and figure out any transfer fees that you might incur if you transfer it.

    If its performing well where it is then just leave it there and keep and eye on it over the years.


  • #3
    scheister
    Registered Users, Registered Users 2 Posts: 1,312 ✭✭✭scheister


    at the moment i have ended up with two pension one from an old job and a PRSA that im paying into.

    I have looked at transfering the job into the PRSA and cant get two people in a row to give me a straight answer on if i can.

    Depending on the amount in them id leave the small ones alone. When the time comes to look at them see if you can empty the small ones by a lump sum or transfer them into something at that stage.


  • #4
    Frogdog
    Registered Users, Registered Users 2 Posts: 983 ✭✭✭Frogdog


    OP, it's definitely worth doing, you could have a good few thousand lying around in there!

    I've done something similar to you recently, in that in my early 20s I didn't pay much attention to them but now that I'm in my 30s I've started minding them a bit more.

    My advice to you would be to email the HR departments in your former employers and ask them for info. They'll probably send you on the contact details of the company (the pension administrator) that manage their employees' pensions. Once you contact the pension administrator they should be able to give you all the info you need, including options on transferring all your old pensions into the one account (if you want) or to leave them where they are (at least then you'll have all your pension account details, they'll have your contact details, etc).


  • #5
    ANXIOUS
    Registered Users, Registered Users 2 Posts: 3,095 ✭✭✭ANXIOUS


    Unlikely that you would have any major pension pot sitting around. Generally companies make you wait until you pass probation before you can join and also vesting is two years. So the companies would have been entitled to take back anything they put in as you'd quite short service.


  • #6
    JackieChan
    Closed Accounts Posts: 1,780 ✭✭✭JackieChan


    ANXIOUS wrote: »
    Unlikely that you would have any major pension pot sitting around. Generally companies make you wait until you pass probation before you can join and also vesting is two years. So the companies would have been entitled to take back anything they put in as you'd quite short service.

    Agree that the vesting period is usually 2 years , but that is at the discretion of the trustees of the plan.

    When you finished you should have received your "Leaving Options" in the post from the pension provider which would have stated your current benefits and your possible options(usually this is to leave funds where they are, cash out your contribution if less than 2 years in plan or transfer to another plan)

    Regardless contact HR in each case and they can request the pension provider provide your Leaving Options where you do have a policy


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