Cashing in contributions - what should I do?

Hi

I paid into a pension scheme for just over two years Dec 00 - Jan 03. My contibutions come to approximately €4000 (valued Sept 02). The scheme is call Group Life Plan (it was a voluntary contributions scheme)and my fund is called Exempt Consensus Fund. From the paper work its an Irish Life scheme but it was handled through the broker my company used. When I left I asked could I cash it in and they said I would get it when I retired.

After leaving that job I moved overseas (New Zealand) and am permanently resident there. I am back in Ireland for a holiday and am going through some old paper work. Looking over my pension info I notice that the plan details says:
What Happens if I leave service?
'If less than 5 years service you may opt to receive a full refund of contributions, less tax at 25%. As this would involve waiving any pension entitlement from the Employer on leaving service, this option is not recommended other than for very short service employees'.

I was in the job for 3 years. I feel the best thing for me to do is seek a refund. Am I entitled to a refund? If so would I go to Irish Life or the broker and what do I need to do?

I would value any views on this situation.

Many thanks
T

Hi ting

You may not receive a refund of your contributions if you had more than two years service in the related company scheme AND you left after 1st June 2002.

It seems to me that both of these apply to you - so you can't take the refund.

You should contact the broker to the plan - they will discuss the situation with Irish Life and get your full options to you.

Thanks for that CapitalCCC

You're welcome ting - not sure if any use to you...BUT if you are now in a pensionable employment in NZ you may be able to transfer all your funds from the Irish pension plan to your one in NZ, may make sense if you're planning to stay out there.