Pension transfer

jongaz

I am currently working for HSE and planning to move to Australia next year in July (Job already lined up, contract signed, currently processing visa)

It will be my full 3 years in service in HSE. Probably (Very) never coming back.

I never had interest in pension (as i was naive, young, etc) and at the same time, I am a non-eu national so had no idea and so on. The only reason I am asking this was that my prospective employer in Australia was explaining my contract terms and employer's contribution to their tax system etc.

Looking at my payslip, I am on pension 170

Can I transfer this to the pension scheme in Australia? Or do I have to remember the details till I am 65 and claim it then?

I've looked at the document here url]http://www.welfare.ie/en/Pages/Irish_Australian-Social-Security-Agreement---SW-87.aspx[/url but can't really figure..?

I would love to hear some advice before calling them and being redirected countless times.

Thanks.

padjo5

Hi,
Almost impossible to give you a steer here based on the info provided. A good place to start would be contacting the trustees of your scheme (it appears you do have some info on your scheme). They can advise what options, if any, you have in this situation.
All the best.

Hani Kosti

From my experience there is several HSE schemes so depending which one you're in.
Request a transfer to a QROPS approved pension information, that should give you a clearer picture regarding your options

coylemj

I don't believe that any public service pension can be transferred out. In general terms, with Irish public service jobs, if you leave with less than 5 years service you can get a refund of your superannuation (pension) contributions. If you have more than 5 years service you cannot get a refund but you will have an entitlement to a reduced gratuity and pension when you reach the normal retirement age for the job you were in.

The link you provided to the Dept of Social Welfare relates to recognition of PRSI contributions, that relates to the entitlement to the state old age pension, it has nothing to do with the occupational pension you were paying into.

Carawaystick

Usually civil/public service defined benefit pensions worked on a 40/eightieth system
you worked for 40 years, and your pension increased by an 1/80 of your final salary up to 40/80 or half your final salary.

So you would get 3/80 of your final salary, i.e. the salary you are on now, leaving.

They used to trck inflation, so if the pay grade you're at now increases over the next 37 years, your 3/80 would increase too, but I think that's stopped as a result of cost cutting.


You probably can't transfer the savings away from Ireland, because if the govt wanted to steal them it would be too hard to steal them from Australia.

coylemj

Carawaystick wrote: »

You probably can't transfer the savings away from Ireland, because if the govt wanted to steal them it would be too hard to steal them from Australia.

There is no 'savings' to steal or transfer, HSE pensions are paid out of this year's budget allocation, same as happens with pensions paid to Gardai, Army, teachers and the general civil service.

If those public service people were paid out of a pension fund, that fund would be permanently in deficit to the tune of billions of euros.

The OP's accumulated pension benefit does not exist as a capital sum anywhere and never will.

mbradso2003

jongaz wrote: »

I am currently working for HSE and planning to move to Australia next year in July (Job already lined up, contract signed, currently processing visa)

It will be my full 3 years in service in HSE. Probably (Very) never coming back.

I never had interest in pension (as i was naive, young, etc) and at the same time, I am a non-eu national so had no idea and so on. The only reason I am asking this was that my prospective employer in Australia was explaining my contract terms and employer's contribution to their tax system etc.

Looking at my payslip, I am on pension 170

Can I transfer this to the pension scheme in Australia? Or do I have to remember the details till I am 65 and claim it then?

I've looked at the document here url]http://www.welfare.ie/en/Pages/Irish_Australian-Social-Security-Agreement---SW-87.aspx[/url but can't really figure..?

I would love to hear some advice before calling them and being redirected countless times.

Thanks.

Irish Public Sector pensions can only be transferred to another Irish Public Sector body who operate with Irish Public Sector Transfer Network.

Therefore it appears you can only keep it where it is (assume you have more than 2 years in scheme)

Few quid for you when your 67-70!

If you return to Ireland and Public sector (Not necessarily HSE) you may be able to transfer it to that scheme.

Carawaystick

coylemj wrote: »

There is no 'savings' to steal or transfer, HSE pensions are paid out of this year's budget allocation, same as happens with pensions paid to Gardai, Army, teachers and the general civil service.

The point was about pension savings generally. The govt stole from all the private sector pensions, and so it is hard to transfer those savings out of the state to prevent this stealing.