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Redundancy and Pensions

  • 29-07-2003 12:27pm
    #1
    Dampsquid
    Registered Users Posts: 681 ✭✭✭


    If you are made redundant, and you have a employers pension. What happens to the pension.

    Do you receive cash from your contribution and your employers contribution. Or just from your own contribution?
    Or do you have to transfer it to another Pension scheme?

    Is it taxable if you can just receive the cash?


Comments

  • #2
    slave1
    Moderators, Sports Moderators Posts: 19,144 Mod ✭✭✭✭slave1


    if the co still exists you can leave it all there till your retirement

    if you're in the scheme less than two years, you have the option of YOUR contributions back less standard rate of tax, if you're in it more than 2 years, no cash back
    You CANNOT get co's contributions back

    You can transfer to your new employer's scheme or a buy out company

    If you got redundancy money, you'd be mad to cash in
    Leave it till u retire, you'll need it more


  • #3
    voodoo
    Registered Users, Registered Users 2 Posts: 785 ✭✭✭voodoo


    Slave1,

    So are you saying that if you are made redundant, you can "cash-in" the pension, ie, recieve cash for the payments, less tax, that you have paid into the scheme? What about your employers sum? I would assume that you can only transfer this to another scheme or leave it where it is until you retire?


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