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Pension termination

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  • 05-09-2008 4:37pm
    #1
    wiseolsham
    Closed Accounts Posts: 103 ✭✭


    Sorry, mods this is also in consumer issues, its probably better suited here..


    Im paying a pension for the last few years and I recently want to terminate the pension. I was told that I have to surrender the policy in writing. I was told I would then get an amount of cash and that was that. I rang today and was told I was given the wrong information and I can only get the cash when I hit 60. Surely this is wrong? Ive stopped the direct debit and cancelled the pension but now, after being told one story, Im now being told another and will have to wait 30 odd years to get my money...

    Anybody any advice?


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    #2
    Mr. Presentable
    Closed Accounts Posts: 9,496 ✭✭✭Mr. Presentable


    Normally a pension agreement is to 60 years old. Therefore it cannot be "cashed in" early.


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    #3
    wiseolsham
    Closed Accounts Posts: 103 ✭✭wiseolsham


    Thats what I was told alright, the second time round. People would really want to know what their job entails.

    I take it there is no way out of it?


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


    wiseolsham wrote: »
    Thats what I was told alright, the second time round. People would really want to know what their job entails.

    I take it there is no way out of it?

    If it's a DC pension scheme, you may be able to transfer the present day value of your fund.

    If it's a DB pension scheme, you may be able to transfer the current actuarial value of your benefit at NPD.

    Note that if your policy allows this, the value may only be transferred into another pension fund. You will not be able to cash out as such. (The law allows for a refund of contributions, only for people serving as a contributing member of a scheme for less than 2 years, which will be net of tax at 20%.)


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    #5
    wiseolsham
    Closed Accounts Posts: 103 ✭✭wiseolsham


    :(:(

    Thanks for the replies folks, appreciate them :)


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