Leaving work - what to do with my pension

C

Crea

Registered User
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Hello,

I'm leaving my job and not going to another job.
What should I do with my pension?
The current provider is recommending I leave it with them on a "paid up" basis
"on behalf of the Trustee's of my current employers.
As the overall fund performance grows my fund would also grow/or fall
depending on the Fund Managers performance."
How would I claim this in the end? How much tax would I pay on this now and at the end?
 
Have you checked ? This question has been dealt with several times before so you might find some useful information in the existing threads.

Be careful of taking advice from the current provider as they have a vested interest in keeping your fund where it is and are probably not authorised or qualified to give you independent, professional advice.
 
i left my last job 2 months ago...still to even receive a letter from the pension fund acknowledging this.
 
you should be allowed three options.

a) leave funds in current scheme and take reduced pension from that scheme at retirement age.

b) take some form of personal insurance bond. Not sure what that provides for, but I think it is similar to a

c) transfer to new employer.

you need to consider carefully the options. if your current pension is a defined benefit and the new one is similar, it may be better to transfer to the new scheme.

defined benefit schemes are getting scarcer so you really only ahve the one chance to make this critical decision.
 
Ravima,

I am not going into another job so I don't have the option to transfer.

I think I might go for option B as I would like to have control of my pension and not have to go chasing the company trustees at retirement age (if the company is around then!)

Does anyone know who I could talk to about investing in the best bond without it costing me too much?
 
Crea

Your best best then is to transfer it to a buy out bond this is a single premium pension held in your own name so you have direct control over it. You should talk to an independent financial advisor as there are loads of providers of these, an independent advisor will give you info on the best allocation rates, lowest charges etc. I've dealt with www.thefinancebusiness.ie before and always found them very helpful.

Good luck with it!
 
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