Pension in the UK

dollydishmop

My OH has a pension in the UK from when he was working there.

He paid into if for aproximately 10 years while living/working in the UK.

But hasn't paid anything into it now for the last 8 years or so as we've been living and working over here.

He would like to cash it in (preferably) or move it to a pension company over here (better than nothing), where it would work a bit harder and he could pay in to it.
The pension company say he can't do anything and he has to just leave it to accumulate a miserably small interest (because he's not paying into it) until he's 50, which seems ridiculous. Its *his* money isn't it?

What options does he have?

He should be able to transfer it to a Buy out Bond here but sometimes it is not wise to do so as there could be some 'protected rights' pertaining to the scheme. There is a reciprocal arrangement between the UK and Ireland on transfers.

He should have got full details of all his options when he left service/stopped paying it at the time, assuming that they were told that you were leaving the UK.

I doubt very much if you will be able to cash it in.

Don't transfer it for the sake of having it 'here'. Consider all the options and perhaps get some advice from a third party who has dealt with UK tranfers before.

tHE vAGGABOND

Im in the same position. I have 5 years of a pension in the UK.

You cant touch it until your 50, no cashing in or anything like that..

You can transfer it to an irish pension, in theory, but its a real nightmare. I just left mine alone over there tbh

dollydishmop

Thanks to both of you for your replies.

I'll relay your info to him and see what decision he wants to take with it.

I suppose, if he leaves it there, its another few pennies a week when he retires...not to be sniffed at I guess, but it won't be a huge amount.