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Company Pension Plan or Separate Personal Pension

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  • 28-01-2009 11:17am
    #1
    CyberDave
    Registered Users Posts: 941 ✭✭✭


    The company I work for has a pension plan, but I don't see working here as a long term option. Would I be better off setting up a pension plan independent of my employers scheme as I envisage moving on maybe at the end of the year? or How hard is it to transfer pensions between companies. Thanks.


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    #2
    Jet Black
    Registered Users Posts: 3,845 ✭✭✭Jet Black


    I had a pension with my first job stayed 1 year and 11months, at the end I took the money out got my money minus something like 20%. Then my next job I had stayed couple of years left filled out a form and had it transfer over.

    So you could start one with your company, they usually pay double what you put in or some extra perk.


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    #3
    JJ
    Registered Users Posts: 2,055 ✭✭✭JJ


    I did the opposite of what you might be doing. I started my own personal plan a few years back and a year later I was in a new job and my employer was offering a pension plan with lower fees and a "5%" deal. For every contribution to my pension, my company matches that up to 5% of my salary.

    If you're company's plan is the same or similar, it's worth going with the company plan because you should be able to keep the same pension after you leave or be able to transfer the money to another pension. I was able to close my old pension and transfer the money to my new company one. The process took ages but the money got there in the end.


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