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Pension: to be or not to be?

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  • 30-03-2011 3:22pm
    #1
    padyjoe
    Registered Users Posts: 1,194 ✭✭✭


    I'm a foreign national and have been workin here for 6 years now, started to pay into pension 2 years ago. Probably I'll be leaving the country in a few month time. My question would be: shall I leave my pension untouched and have it when I'm retired or cancel the whole thing as the current circumstances don't guarantee any 100% pension for later. I'm that type of person who saves for the rainy day and it worries me much. We live in a world in which one can't foresee goings for years even today is uncertain. Thank you!


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    #2
    Alan152
    Registered Users Posts: 61 ✭✭Alan152


    depends what type of pension it is, you may be better to take it with you as charges might erode it over time if is only a small fund. I don't know the circumstances but for example if you pay a monthly policy fee, it may be worth nothing at retirement, that is assuming it is DC


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    #3
    HowFinancial
    Registered Users Posts: 71 ✭✭HowFinancial


    What country are you from, & where are you moving to? You may be able to get it transferred to your home country.

    As an employee, if you are a member of the pension scheme for greater than 2 years you do not have the option to cash it in (less any tax relief if you do cash it in).

    As an employee you also have the option to leave it where it is (perhaps investment should be looked at), or transfer to an Irish retirement vehicle in your own name (investment to be looked at)

    Hope this helps!


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