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Staff Pensions

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  • 09-05-2008 3:26pm
    #1
    johnnyskeleton
    Moderators, Entertainment Moderators, Politics Moderators Posts: 14,505 Mod ✭✭✭✭


    Apart from any employment rights issues, if an employee is forced (as part of the terms of a contract of employment) to make payments into a staff pension scheme, is there any practical way that this can be worked around?

    For example, can you withdraw funds from a pension scheme on demand (even if it means losing a % interest)?


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    #2
    tHE vAGGABOND
    Registered Users Posts: 6,687 ✭✭✭tHE vAGGABOND


    I have over 10 grand in a pension in the UK from when I worked over there..

    I cant touch it until Im 55 [or thereabouts]. The only thing I can do is transfer that money into another pension scheme.

    These things are generally locked down, otherwise no one would have a pension as you would take money out at the first sign of hardship and then you would not have a pot to piss in when your older..


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    #3
    inspi00
    Closed Accounts Posts: 4 ✭inspi00


    If you have less than two years contributions with the employer, you can usually get a refund of employee contributions less tax. not really worth your while though, cause you will lose out on any employer contributions, so you could effectively be getting back less than half of the actual contributions made

    http://www.pensionsboard.ie/index.asp?locID=318&docID=189


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    #4
    romah
    Closed Accounts Posts: 150 ✭✭romah


    When you leave your employment you will take your pension contributions with you (as well as the employers if you are employed over 2 years as mentioned earlier)
    However , Your pension contributions are not costing you as much as is deducted

    e.r Each €10 deducted from your pay only costs you at most €7 because you do not pay tax or PRSI on this amount ...and add the employers contribution (say €10 also ) and you have €20 into your pension for €7 (or less) out of your pocket..

    sounds like a good deal to me !! so i would not be trying to get out of it that fast


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