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Pause a Pension or Reduce Amounts?

  • 03-02-2017 3:22pm
    #1
    Buttercake
    Registered Users, Registered Users 2 Posts: 539 ✭✭✭


    Hi,

    I am SelfEmployed and last year I took out a BOI pension and I pay €500 a month into it. 

    I have applied for financing for my business which has been accepted over 12-months but with existing overheads and the new finance I cannot afford the pension contributions each month.. is there a way to "pause" my pension debits for 12-months and continue afterwards? or can I reduce the amount to say €100 for 12-months and go back to the original amount?

    Thanks


Comments

  • #2
    Bank of Ireland: Alison
    Closed Accounts Posts: 1,060 ✭✭✭Bank of Ireland: Alison


    Buttercake wrote: »
    Hi,

    I am SelfEmployed and last year I took out a BOI pension and I pay €500 a month into it. 

    I have applied for financing for my business which has been accepted over 12-months but with existing overheads and the new finance I cannot afford the pension contributions each month.. is there a way to "pause" my pension debits for 12-months and continue afterwards? or can I reduce the amount to say €100 for 12-months and go back to the original amount?

    Thanks
    Hi Buttercake, 

    Thanks for getting in touch today. 

    With most of our pensions, the payments can be postponed and started again at a later time. We would recommend calling our BOI Pensions Team on 1890 882 853 and an Advisor will be happy to check the terms of your pension with us and advise further. 

    Many Thanks
    Alison 


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