tosullivan
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I worked in Ireland for a company from the UK between 1998-2001 and in that time a pension was set up between myself & my employer. I put in my contributions of 10% every month which was matched by them. The pension was with Hibernian and from what I remember it was a executive style pension but with just 1 employee as I was their only employee in this country.
When I left in 2001, I moved to work for another UK company, still working in Ireland, but they were not prepared to be the trustees of the pension I had with the previous company, so I put the 1st pension on hold. I then started a new personal pension which I made my own contributions and my current company pay me their contributions separately.
However, I still have the 1st executive style pension. I called Hibernian about a year ago asking what my options were regarding this and I was told I would either have to wait until I was 50 and cash it in then or put it in a buy out bond. I haven't put any money in this pension since I started the 2nd personal pension in 2001.
When I left in 2001, I moved to work for another UK company, still working in Ireland, but they were not prepared to be the trustees of the pension I had with the previous company, so I put the 1st pension on hold. I then started a new personal pension which I made my own contributions and my current company pay me their contributions separately.
However, I still have the 1st executive style pension. I called Hibernian about a year ago asking what my options were regarding this and I was told I would either have to wait until I was 50 and cash it in then or put it in a buy out bond. I haven't put any money in this pension since I started the 2nd personal pension in 2001.
- Does anyone know if there has been a change in legislation since then in order for me to cash this 1st pension in?
- Or do I have any other options?
- What is the advantage/disadvantage of this buy out bond?