Moving from private to public sector - pension question.

[3CC]

Hi,

I am about to take up a temporary contract position with a local authority and I currently have a personal pension. I will be in a superannuation scheme in my new position which is likely to last 18 months. So I have a few questions as follows.

1. I assume that I can keep my personal pension but cannot make any contributions while in the superann scheme.

2. If I leave the superann scheme within 2 years, what options do I have? Do I have to take my contributions back or can I leave the combined contributions in the scheme (as per a company pension scheme)?

3. If my only option is to take my contributions back, can I then retropectively make contributions to my personal pension for the years I have missed (and get the tax relief)

4. What happens to my superann contributions of the contact lasts more that 2 years?

I appreciate any advice you can offer.

 

[aonfocaleile]

dmkelly,
Not sure about making contributions to your personal scheme while you are on contract but if you leave the L.A. within 2 years, I think you are obliged to take a refund of contributions, less a tax deduction. If you end up working there for over 2 years, when you you reach retirement age you will have a preserved pension from the L.A. in question. If in the future you ended up working in the public sector again, you could transfer your service and preserved pension to your new public sector employer, effectively amalgamating the two. For the moment, you should contact the HR section of the L.A. and discuss the issues with the person who deals with superannuation. You should also try and get a copy of the Superann. scheme for local authorities - try the Dept of Environments website or google it.