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Urgent work pension question

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  • 13-01-2010 5:18pm
    #1
    iMax
    Closed Accounts Posts: 3,489 ✭✭✭


    Hi,

    Hope someone can help me here. I have a company provided PRSA which the company match my contributions to.

    However following an internal move (I now work for a different company under the parent umbrella), they are saying I HAVE to join the company pension plan & convert my prsa to pension.

    My problem with this is that I had a company pension before & had to freeze it when I left the job, so that's locked in a bond. I have my PRSA which is mine to take anywhere. I don't want to lock this one in a pension bond (as I'm not planning on staying in the company).

    Can they force me to convert & take the pension ?

    Under TUPE legislation the pension is the only thing which is not covered in terms of T&Cs changing (they've already switched us from weekly to fortnightly & now monthly pay - so much for T&Cs not changing), so they say they're entitled to.

    Are they not required to give us the option of a PRSA rather than a pension ?

    Will be cross posting this in work.


Comments

  • Options
    #2
    Andymfinancial
    Closed Accounts Posts: 60 ✭✭Andymfinancial


    surely you have an option to not join the new scheme, unless it is in the terms and conditions of your employment. You can then start your own personal PRSA that you can take anywhere.


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    #3
    homer911
    Registered Users Posts: 5,119 ✭✭✭homer911


    Andymfinancial wrote: »
    surely you have an option to not join the new scheme, unless it is in the terms and conditions of your employment. You can then start your own personal PRSA that you can take anywhere.

    +1

    I expect that the membership of the company scheme is contingent on making a minimum personal contribution, which the employer will top up. You should be able to choose to join or not, however if you choose to join an unsupported PRSA scheme, your employer is probably under no obligation to top it up (and indeed this might not even be permitted, I'm not familiar with PRSA legislation)

    There is also usually a clause that if you leave a company scheme within a defined period of joining, you are not entitled to keep the company contributions


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