# Being made redundant-pension?



## BONDGIRL (16 Oct 2009)

Hi all,
I am leaving Job in a few weeks. I have paid into pension DB for about 13 yrs.  What happens my pension when I leave?  I will not have a job for at least 2 months while I am on the search etc, so what happens to pension? where do I put it etc? Any help on this would be great. We do have some seminar in work but its not till a few days before I leave and I am on panic mode now. thanks


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## Mr DT (16 Oct 2009)

BONDGIRL said:


> Hi all,
> I am leaving Job in a few weeks. I have paid into pension DB for about 13 yrs. What happens my pension when I leave? I will not have a job for at least 2 months while I am on the search etc, so what happens to pension? where do I put it etc? Any help on this would be great. We do have some seminar in work but its not till a few days before I leave and I am on panic mode now. thanks


 

Dont think you need to panic. 13 years of pension contribution is a great start well done. 

As far as i am aware, the fund will be frozen at its current level. (you and the company will not pay any more in to the fund). 

I'd wait for the seminar for the details.


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## LDFerguson (16 Oct 2009)

You will be entitled to a deferred pension at retirement from the DB scheme, assuming the scheme itself is still in existence by the time you want to retire.  

You may be offered a transfer value to buy out your entitlements but you'd have to think carefully before accepting this option as you would be giving up the guarantees the DB scheme offers.  That said, guarantees are only valuable if the scheme has the resources to meet them.  

I wrote [broken link removed] recently on the various options when one leaves a job.  You might find it useful.  

Regards, 

Liam


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## BONDGIRL (19 Oct 2009)

Liam

Very well written article.  This has really helped me.  Our seminar here is only on a week before I leave, will this be efficent time to organise what I want to do etc?

Just looking at the forms here in front of me and yes there is a section I have to complete whether I want to "wave your entitlement to take part of your pension as a lump sum in the future from the DB scheme. If you retain your option you can take some of your pension fund from the DB scheme as a tax free lump sum when you retire (age 65)"

If I do wave it, I will get extra 3k in my redundancy... not much...  Not sure what I should do!


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## LDFerguson (20 Oct 2009)

Hard to say without knowing how much you're giving up at retirement in return for €3,000 now.


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## BONDGIRL (21 Oct 2009)

how would I know how much I am giving up like?  The company I work with will probably wrap up in next ten yrs.. will this make a difference..  should I just leave it go? take a gamble?  I suppose the 3500k (doubled checked) will come in handy now and I do have a lot of AVCs built up etc for a girl my age.


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