Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Pension from old job

Options
  • 18-09-2013 2:34pm
    #1
    Frank Boggins
    Registered Users Posts: 57 ✭✭


    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
    Tagged:


Comments

  • Options
    #2
    srsly78
    Registered Users Posts: 7,157 ✭✭✭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.


  • Options
    #3
    Gaillimh1976
    Registered Users Posts: 738 ✭✭✭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.


  • Options
    #4
    Frank Boggins
    Registered Users Posts: 57 ✭✭Frank Boggins


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


  • Options
    #5
    miezekatze
    Registered Users Posts: 1,341 ✭✭✭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.


  • Options
    #6
    krattapopov
    Registered Users Posts: 1,199 ✭✭✭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.


  • Advertisement
Advertisement