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I paid into a pension for nearly 3 years, but left...

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  • 15-05-2015 3:38pm
    #1
    arctan
    Closed Accounts Posts: 354 ✭✭


    ...now what?

    I was with a company in Ireland for nearly 3 years and paid into a pension from the very beginning.

    I got a new job and moved to the UK almost a year ago now.

    I was told I could get my contributions released from the pension back home and paid into the UK pension, I put all that into motion and after about 6 months I got a letter today from the UK company saying the pension scheme back in Ireland is not a HMRC recognised pension scheme, so they cannot transfer funds ....

    So what happens now? Will I ever have access to the money I put into the Irish pension, or is it lost forever?


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    #2
    Nervous Wreck
    Closed Accounts Posts: 16,115 ✭✭✭✭Nervous Wreck


    Contact the company's HR dept. You should be able to just draw down the funds.


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    #3
    Stheno
    Moderators, Business & Finance Moderators, Science, Health & Environment Moderators, Society & Culture Moderators Posts: 51,688 Mod ✭✭✭✭Stheno


    Nervous Wreck wrote: »
    Contact the company's HR dept. You should be able to just draw down the funds.

    Nope, after two years you can't. Op can access the funds when they retire


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    #4
    Nervous Wreck
    Closed Accounts Posts: 16,115 ✭✭✭✭Nervous Wreck


    Stheno wrote: »
    Nope, after two years you can't. Op can access the funds when they retire

    Yikes, good to know!


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    #5
    Stheno
    Moderators, Business & Finance Moderators, Science, Health & Environment Moderators, Society & Culture Moderators Posts: 51,688 Mod ✭✭✭✭Stheno


    Nervous Wreck wrote: »
    Yikes, good to know!

    You can transfer them here I transferred funds from a company pension scheme to a prsa


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    #6
    arctan
    Closed Accounts Posts: 354 ✭✭arctan


    yeah I was aware I can't withdraw it after two years, so I'm trying to figure out what to do with it

    according to the pensions company, it's dead in the water and will be eaten up by charges over the years unless I manage to transfer it somewhere ..

    Is this correct ?

    Any ideas on what can be done with it?


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    #7
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,711 Mod ✭✭✭✭Henry Ford III


    Did you get a "leaving options" letter? You should have. If you haven't ask for it.

    3 choices.

    1/. Leave where it is.
    2/. Transfer to new employer.
    3/. Buy out bond.


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    #8
    arctan
    Closed Accounts Posts: 354 ✭✭arctan


    I didn't get a letter, but was advised of these from the Irish pensions company (except for the buyout bond)

    they suggested transfering it to another pot, and make small payments in to keep it active

    as with the thread, I can't transfer it to the new employer


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    #9
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,711 Mod ✭✭✭✭Henry Ford III


    arctan wrote: »
    I didn't get a letter, but was advised of these from the Irish pensions company (except for the buyout bond)

    they suggested transfering it to another pot, and make small payments in to keep it active

    as with the thread, I can't transfer it to the new employer

    The letter comes from your employer and is a legal entitlement. Ask for it, in writing.


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    #10
    arctan
    Closed Accounts Posts: 354 ✭✭arctan


    cool, didn't know that, thanks I'll get onto them and see what they say


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    #11
    NewCorkLad
    Registered Users Posts: 957 ✭✭✭NewCorkLad


    If you will not be coming back to Ireland, you can transfer the pension to a Standard Life Buy Out Bond. Standard Life are HRMC recognised as such you will be then able to transfer the funds to your new pension arrangement. You will probably need to get a financial adviser to help you with this and pay them a fee. Just be aware with the euro so low against the sterling at the moment now would not be a good time to do this.

    However if your not too bothered, just transfer it t a Buy Out Bond, decide how you want to invest it long term and come back to it when your 50.


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    #12
    arctan
    Closed Accounts Posts: 354 ✭✭arctan


    cool thanks, I'll have a look into that too, that might be the best bet


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