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Pension Cancellation

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  • 03-03-2010 12:06pm
    #1
    steps_3314
    Registered Users Posts: 521 ✭✭✭


    Hi

    I have a pension plan with my current employer and also have a private pension with an Irish company.

    However i have stopped contributing to the private pension for almost 1 year now but had put over 1000 euros into that pension.

    Can anyone advise if i can now get anything at all back from this as i do not want to keep paying two pensions especailly with all the negativity surrounding them lately.

    Cheers

    S


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


    I was in a similar situation to you a few years ago. I had a private pension with BOI but a year after opening that, I was able to start a company pension.

    All you need to do is contact your private pension provider and ask them to transfer the funds to your company pension. There may be some forms to fill out and it may take a while but it can be done. For me it took about 4-6 months from the time that I stopped payments to the old pension and got the funds transferred to the new pension.


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    #3
    steps_3314
    Registered Users Posts: 521 ✭✭✭steps_3314


    Thanks for that mate.

    Although i have being told before that i cannot transfer the private pension.
    I shall investigate further.


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    #4
    JJ
    Registered Users Posts: 2,055 ✭✭✭JJ


    Pensions may have certain Ts&Cs but you should be able to transfer the funds. Maybe whoever told you that was too lazy to go through the transfer process.


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    #5
    BiddyBop
    Registered Users Posts: 15 ✭BiddyBop


    Hi steps_3314

    Is it a Personal Pension Plan (PPP) or a PRSA that you hold?

    A PPP can not be transferred in to an occupational pension plan directly but a PRSA can. Both are effectively private pensions but there are more Revenue restrictions in relation to PPPs.


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    #6
    Andymfinancial
    Closed Accounts Posts: 60 ✭✭Andymfinancial


    You can just leave the money in the private pension and continue in the company pension. Stop pyments to the private one. You cannot transfer a private scheme to company.

    steps_3314 wrote: »
    Hi

    I have a pension plan with my current employer and also have a private pension with an Irish company.

    However i have stopped contributing to the private pension for almost 1 year now but had put over 1000 euros into that pension.

    Can anyone advise if i can now get anything at all back from this as i do not want to keep paying two pensions especailly with all the negativity surrounding them lately.

    Cheers

    S


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