# Pension Contributions on Leaving Company



## abbey (11 Oct 2006)

Hallo all,

I am being made redundant (well my job is) and I'm with the company less than 2 years.
Does this mean that I can't keep the Employer Pension Contributions?

I vaguely remember reading something about a vesting period and if you leave the company before this period, you lose all your e'er contributions.
Does anyone know if this is true?


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## ClubMan (11 Oct 2006)

Check the rules of the scheme. Many occupational schemes have a vesting period of 2 years or so and if you leave before that time is up then you lose the value of employer contributions. Note that having transferred in the value of a previous occupational fund also transfers in vesting time from that fund if applicable. However there may be an exception to the vesting period rule and loss of employer contributions for being made redundant as opposed to leaving for any other reason. 

Check with the Pensions Board or DETE Employment Rights Section.


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## Guest126 (11 Oct 2006)

Would EXPECT that you can keep employer contributions because you were made redundant...however IF you take a refund (i.e. do not keep your money as 'pension' money then you can only get back your own contributions less tax).


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## CCOVICH (12 Oct 2006)

And tax is at the standard rate, even though yo may have received relief at the higher rate of tax.


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## abbey (13 Oct 2006)

Hallo All,

Thanks for the replies. I checked the scheme rules and as  I feared there is a 2 year rule. The amount involved isn't huge but to me with not very much money, it is huge. I really feel hard done by. I earned that money and cos of that stupid rule, I don't get to keep what's mine. It's not fair...


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## ClubMan (13 Oct 2006)

abbey said:


> I don't get to keep what's mine. It's not fair...


Even if you choose not to take a refund and instead leave it in the fund (if it's not being wound up), transfer to another occupational scheme, transfer to a buy out bond or transfer to a _PRSA _if applicable?


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## abbey (13 Oct 2006)

ok..Thanks for the advise.


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## Guest126 (13 Oct 2006)

ClubMan said:


> Even if you choose not to take a refund and instead leave it in the fund (if it's not being wound up), transfer to another occupational scheme, transfer to a buy out bond or transfer to a _PRSA _if applicable?


 
Abbey - that was a question...and it it one which you could COPY and PASTE and send to the administrator/contact for your pension plan, it would seem unfair to me if you were to lose company contribution (unless you took a refund in which case it is normal that you lose it).


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## mmclo (17 Oct 2006)

NEGOTIATE...there is usually discretion allowed.


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## abbey (18 Oct 2006)

Hallo,

Yes, you might be right as the pension company emailed me and basically said that it was up to the trustees whether I get to keep the all the cont.s or not...

Thanks for the advise,
Abbey


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