Pension from old job

Frank Boggins

Hi started a pension with my old job were they gave a small amount each month as a contribution and as far as I am concerned I was giving feck all.

I received an Irish life statement claiming I had about 800 euro with them and I am wondering is this my money and can I say for example take it out and use it for Christmas?

Any information would be great

srsly78

Yes it's your money, but it's locked away in a pension. You might be able to transfer this to another pension scheme, but there may be lots of fees in doing so.

Gaillimh1976

This is your money, but you can't touch it until retirement age afaik.

Might be worth a phone call to Irish Life to see if there is any way of releasing it.

Frank Boggins

Hmm thanks I would like to spend it on pints on arthurs day!

miezekatze

I was in a similar situation once and I could only have taken out my own contributions and would have lost the company's contributions. The alternative was to move everything to another pension scheme. I think it might depend on how long you/the company paid contributions though.

krattapopov

As far as I know if you were in the scheme for less than two years you can withdraw your own contributions, not the companies contribution (it is returned to them afaik) and the amount is subject to tax.

If you were in for greater than 2 years, the money is 'vested' and you can transfer it to a new scheme or wait for it to mature in whatever amount of years.