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pension - possible to refund?

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  • 12-09-2011 5:55pm
    #1
    alexbull
    Closed Accounts Posts: 2 ✭


    Hi,

    Please forgive me but I don't know a lot about pensions and I came here looking for some advice on what to do. About 6 years or so I joined a company (as a director) and also joined the company pension scheme where I contributed 50% and the company contributed 50%. I have now left that company (but still remain a director) and now need to do something with that pension. I can move it to a personal pension scheme or leave it with the company or move it elsewhere. A refund would have been an option only if I worked at the company 2 years or less.

    My question is, is there any way I can get some or all of this money back? With the current state of the economic climate I don't want my pension to de-value any further and regardless I just want my money now. Is there *ANY WAY* I can get this money back? I don't mind if it's complicated as long as it can be done!

    The guy from the pension/insurance company is pushing for me to move the fund elsewhere and claims it's not possible to refund/surrender the pension. We had a previous employee (also a company director) who joined the scheme at the same time as me and she managed to surrender her pension OK - she is in her fifties and nowhere near the retirement age if i recall correctly. When I asked the pension guy about this employee he was not able to say how that person managed to refund the pension. However he called me back 5 minutes later then and claimed because they were over 50 it was possible to cash out the pension early. It sounds a little suspicious if you ask me - surely he'd have thought of that when I asked him first?

    Can someone shed some light please?

    Thanks


Comments

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    #2
    ravima
    Registered Users Posts: 848 ✭✭✭ravima


    in a nutshell, you CANNOT get a refund.


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    #3
    Kennie1
    Registered Users Posts: 302 ✭✭Kennie1


    Your advisor is correct in what he/she said, as the employee was over 50 and had left the employment or recinded their shareholding she was able to claim pension benefits. The only other way in your case to access your pension is if you had to retire due to ill health before the age of 50.

    Word of warning there is a few companies that are offering a service that claims to be able get your hand on your pension aka Trust Busting. DO NOT attempt to do this. It involves B&B your pension in a number of different countries the first one being England. The UK Revenue has stated that they will persue anyone that goes down this road. So one could find yourself with a massive UK tax bill!


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    #4
    alexbull
    Closed Accounts Posts: 2 ✭alexbull


    Ok. THanks for clarifying.

    Can I ask one more question, please .. what is the 2 year clause all about? If i had my pension with the company 2 years or less I could have withdrew my pension. With my new employer the same policy exists. Would it be possible to transfer this pension to my new employer and then withdraw it before the 2 years are out?

    Thanks in advance


  • Options
    #5
    Kennie1
    Registered Users Posts: 302 ✭✭Kennie1


    alexbull wrote: »
    Ok. THanks for clarifying.

    Can I ask one more question, please .. what is the 2 year clause all about? If i had my pension with the company 2 years or less I could have withdrew my pension. With my new employer the same policy exists. Would it be possible to transfer this pension to my new employer and then withdraw it before the 2 years are out?

    Thanks in advance
    If it were that simple everyone would do it:). Its not just the value that is transferred it is also the lenght of service in the old scheme as well!


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