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Leaving Work pension scheme

  • 25-07-2017 12:16pm
    #1
    scotsman03
    Registered Users Posts: 9 ✭


    I have been in the company pension scheme for less than 2 years and plan to leave it. I understand i can get my contributions back if i leave my job. 
    My question is can i get them back if i stay in the job?


Comments

  • #2
    coylemj
    Registered Users, Registered Users 2 Posts: 25,479 ✭✭✭✭coylemj


    You would have to leave to get the contributions back and there will be a deduction in lieu of the tax breaks you got.


  • #3
    scotsman03
    Registered Users Posts: 9 ✭scotsman03


    I plan to leave. Just not within the 2 years pension contributions.


  • #4
    witchgirl26
    Registered Users, Registered Users 2 Posts: 2,179 ✭✭✭witchgirl26


    It does depend on the rules of the scheme. My old company's scheme would only let me withdraw the money if I was over a certain age, otherwise it had to be transferred to another pension scheme or dedicated bank account (there are certain ones that are for pensions only). There is a question as to why you'd want them back while in the job. If you leave, fair enough to transfer them to a new company's scheme but otherwise all they'll do in the current is just continue on as normal. You can stop contributions at any point.


  • #5
    ANXIOUS
    Registered Users, Registered Users 2 Posts: 3,095 ✭✭✭ANXIOUS


    scotsman03 wrote: »
    I have been in the company pension scheme for less than 2 years and plan to leave it. I understand i can get my contributions back if i leave my job. 
    My question is can i get them back if i stay in the job?

    Simple answer is no you must leave service.


  • #6
    TheShow
    Registered Users, Registered Users 2 Posts: 1,157 ✭✭✭TheShow


    slightly different but similiar, I am leaving my current position which has a defined benefit pension that i have been paying into for c18 years now. My new employer does not have a company pension scheme but does provide access to a PRSA. WHat happens to my existing pension? does it just sit there until i retire?


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  • #7
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,725 Mod ✭✭✭✭Henry Ford III


    TheShow wrote: »
    slightly different but similiar, I am leaving my current position which has a defined benefit pension that i have been paying into for c18 years now. My new employer does not have a company pension scheme but does provide access to a PRSA. WHat happens to my existing pension? does it just sit there until i retire?

    Probably.

    D.B. benefits will have a transfer value, but it's likely be unattractive.


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