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Pension refund

  • 27-06-2016 7:15pm
    #1
    [Deleted User]
    Posts: 0 ✭


    Hi
    Looking for some advice here.
    Maybe someone can help me out.

    Started a job there 10 months ago. Was probationary period for the first 11 months. Got let go today. Part of the contract was that my employer pay 10% of my salary towards a pension. I then had the option to pay in and they would match every per cent that I paid in. Didn't pay anything in myself.

    My question is now am I entitled to claim the money in the pension fund back? I heard somewhere that if you leave within 18 months your entitled to the pension contributions back.


Comments

  • #2
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,725 Mod ✭✭✭✭Henry Ford III


    You can get a refund of your own contributions (subject to rules and tax) but you didn't make any.

    You'll possibly be offered some options on the employers contributions.


  • #3
    Yggr of Asgard
    Registered Users, Registered Users 2 Posts: 5,227 ✭✭✭Yggr of Asgard


    You can't claim something back that you did not contribute. If you would have made contributions yourself, than you could have claimed those back, however the companies 10% payment is not your contribution, so you can't claim it back.

    However you might be able to take your pension with you into your private pension fund you have or you might be able to leave it with the company. Your companies Pension Administration for sure will give you your options.


  • #4
    coylemj
    Registered Users, Registered Users 2 Posts: 25,476 ✭✭✭✭coylemj


    Before the 1990 Pensions Act, I was in a company which had a non-contributory DB scheme (the employees contributed nothing) but if you left with less than 10 years service, you got zilch - no refund, no transfer value and no deferred pension. I'm not sure what the legal minimum is these days but I doubt you'd be entitled to get anything when you had less than 12 months service and you contributed nothing.


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