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Superannuation 1 and 2

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  • 06-08-2008 3:04pm
    #1
    Bally8
    Closed Accounts Posts: 2,144 ✭✭✭


    I have been working part time in the same job for the last 6 years (im a single parent and returned to college to get a degree). From about last September on I have been getting deductions in my pay for superannuation 1 and 2 and Spouses and Children. This just happened without any information or consultation so I dont really know anything about it at all. I rang payroll and she just said it was my pension and I have no choice in paying it.

    I am happy in one way- I am nearly 30 and its about time for me to start one. Its just the lack of information that worries me. What exactly is Superannuation 1 and 2? Why do I have to pay spouses and children? How do I find out how much I have paid in and where is it going?

    Most importantly when I change jobs (I dont intend working part time all my life) does the pension come with me?

    Any info would be appreciated

    A


Comments

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    #2
    ircoha
    Closed Accounts Posts: 2,290 ✭✭✭ircoha


    have a peep at this
    http://www.askaboutmoney.com/showthread.php?t=20150

    as to whether public sector pensions are transferable to the private sector, I dont know


  • Options
    #3
    Bally8
    Closed Accounts Posts: 2,144 ✭✭✭Bally8


    Thanks a million for that link, it answered some of my questions at least


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    #4
    Thomas_S_Hunterson
    Closed Accounts Posts: 6,151 ✭✭✭Thomas_S_Hunterson


    Yes, it will come with you. If you've worked less than 2 years in the scheme you can get a refund of your contributions, otherwise, although it depends on the terms regarding vesting in the scheme, but you'll probably be entitled to transfer the actuarial value of your deferred benefit to another scheme, or else take deferred benefit based on your actual service which will be payable at your normal retirement date.


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