New employer will not accept pension transfer from previous employer !

G

gormleyp

Guest
I have recently left my employer of 7 years (a large irish bank in Dublin) and joined an american bank based in Belfast.

I have just inquired with the Pensions dept at my new employer of the process involved in transferring my pension from my previous employer. Their policy however is that they do not accept pension transfers from your previous employment. Their recommendation is that I seek independent financial advice.

I wasn't aware that some employers could refuse to take on previous pension contributions. Can anyone give me their thoughts & experiences on this and what my options would be in this regard.

Many thanks in advance
 
There are implications for a pension scheme if they take on a transfer value, as they effectively reduce or eliminate the statutory vesting periods by doing so. There's no obligation on a scheme to accept a transfer from another scheme.
 
I think that there is an obligation in respect of Preserved Benefits.

Will have to check The Pensions Act again tomorrow!

However, there is probably no obligation on a NI scheme as in this case.
 
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