Pension Plan UK

C

ckelly

Guest
Hi,

I have just ceased working in a UK company last month.
I am no longer working in any company now.
With regard to the Pension Plan I received while working there
I will lose the contributions paid by the company unless I let them know the transfer details of my new Pension Plan.
As I am currently on a career break I don't have a new plan that they can transfer to.
Can you please let me know how to go about seeting up a personal Pension Plan - is this possible?
Also as I am now based in Ireland do you think its possible to transfer it to Ireland. I'm not sure of my options available?
Thanks.
 
If the UK pension plan was an Occupational Pension Scheme, you can transfer the value into an Irish Personal Retirement Bond (aka Buy Out Bond) if you want to. This is basically a once-off lump sum pension product specifically designed to accept transfers from other schemes.

It will be denominated in Euro, so there'll be a currency exchange on the date of transfer.

Would suggest you seek professional advice before pursuing this, to make sure that you're not transferring out of something with superior benefits.
 
ckelly said:
Hi,


With regard to the Pension Plan I received while working there
I will lose the contributions paid by the company unless I let them know the transfer details of my new Pension Plan.
Click to expand...

You can leave it sit there until you join a new company plan in Ireland (or elsewhere for that matter) and then transfer it in to that Plan - NORMALLy you will only lose the company contributions if you opt for a refund of your own contributions.
 
MMilken said:
You can leave it sit there until you join a new company plan in Ireland (or elsewhere for that matter) and then transfer it in to that Plan - NORMALLy you will only lose the company contributions if you opt for a refund of your own contributions.
Click to expand...


I have a similar situation, where my UK pension has a current value of about €30000 and I am planning to move it to Ireland - not sure how I will do this yet though - will be following this thread.

MMilken, are you saying that in my case, if for example 25K are my own contributions and 5K was my companies. If I want to get my hands on the cash, I would only be able to get the 25K?
What happens to the 5K?

If I transfer to an Irish pension, I will be able to transfer the full 30K right?

What about the Buy Out Bond LDFerguson suggested? Would one be able to transfer the full 30K or 25K?

Thanks!
 
Unfortunately, I have been told by the Pension administrators that unless I provide details to transfer the pension by Feb 08, the transferrable amount will default in me losing the company's contributions which amounts to approx two-thirds of the full amount.
 
CK - you should get an advisor to handle the transfer for you...strange situation but I presume that they are allowed to do so under their Scheme's rules, it is quite easy to arrange such a transfer.

Con - if you take a refund the company keep's the company's contributions, you may not be able to take a refund of yours if you were in the company scheme for a certain length of time (2 years under Irish legislation, I do not know what the equivalent period under your UK scheme is).

A buy-out bond is an Irish pension - it would usually be the full 30K that you would transfer but that depends on your UK service, UK legislation and your UK scheme's rules.
 
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