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Small pension from old job

  • 25-08-2017 11:27am
    #1
    Ush1
    Registered Users, Registered Users 2 Posts: 11,475 ✭✭✭✭


    I have an old pension from a previous job which I paid into for just 6 months, it's only worth about 3 grand. I haven't touched it in about a year and a half which is when I left the company.

    I still have online access to it and the status is paid up, what's the best thing to do with it?


Comments

  • #2
    Atlantic Dawn
    Registered Users, Registered Users 2 Posts: 83,080 ✭✭✭✭Atlantic Dawn
    M


    You will be able to encash your own contributions from it once it's less than 2 years since it was setup, it will be taxed, think it's circa 20%. The employer contributions won't be possible to get back so it might work more favourably for you if you have a new pension scheme in your current employment to have it transferred in to that if to take the full fund including employer contributions.


  • #3
    Grassey
    Registered Users, Registered Users 2 Posts: 2,393 ✭✭✭Grassey


    Atlantic Dawn wrote:
    You will be able to encash your own contributions from it once it's less than 2 years since it was setup, it will be taxed, think it's circa 20%. The employer contributions won't be possible to get back so it might work more favourably for you if you have a new pension scheme in your current employment to have it transferred in to that if to take the full fund including employer contributions.


    Provided the vesting rules for the scheme are immediate and allow transfer of employer amounts. Unless the company specifically instruct the life office to split out their contributions to return to them you'll see both online and may incorrectly give the assumption you have a larger pot.

    So in answer to what you should do, contact the life office administering the scheme, ask for 'Leaving Service Options' and see what values/options are quoted.


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