Pension Query

N

nmason2512

Guest
Hi !

I have been working with a Company for the last 13 years but handed in my notice at the end of Nov 07 in order to take a year's career break. I had a pension with the Company (for 10yrs). They have recently written to me outlining my options for my pension and asking me to advise them of which option i wish to avail of.

The options are: 1) Leave my benefits in the pension Scheme in Paid Up form and let them accumulate in value up to retirement date (25/12/2029), OR 2) Transfer the value to another pension scheme, personal retirement bond or PRSA.

I'm not really sure what I should do ! At the moment I plan to go back to work at some stage, possibly back to the same Company, i.e. I have not given up work for good ! Should I leave the benefits in the Company's scheme as paid up ? or should I set up my own personal pension & transfer the value to it ?

Any advice ?
Tks in advance !
 
Had a look through some similar queries/answers in the existing threads. Feel more informed now. Thanks !
 
If there is the possibility of going back to the same company check the Trust Deed to see the rule for calculating pensionable service.
Some DB schemes allow seperate periods of service to be combined.
In this case it may be best to stay in the scheme as you would continue to accrue pension at your future (higher ??) salary for the existing 10 years service.
 
nmason2512 said:
The options are: 1) Leave my benefits in the pension Scheme in Paid Up form and let them accumulate in value up to retirement date (25/12/2029), OR 2) Transfer the value to another pension scheme, personal retirement bond or PRSA.
Click to expand...

Was in this position myself some time back. Wanted to transfer to PRSA but because the transfer value was over 10k I could not do so. I myself have decided to just leave it dormant as it was just slightly over 10k so we were not talking bout huge money when retirement age comes. My attitude was that if pension regulations change and the rules that you cannot transfer it to a PRSA if over 10k is done away with at least I can transfer it then. That option might not be open to me if it had tied it up into a Retirement Bond.
 
Happy Girl said:
I myself have decided to just leave it dormant
Click to expand...
There could be benefits from transferring to a buy out bond - e.g. lower charges, better choice of funds, independence from the trustees of the occupational fund (e.g. not having to chase them down in decades to come).
 
F. Kruger said:
Given the recent fluctuations, is it still slightly over 10K?
Click to expand...

Was thinking along the very same lines myself so rang Eagle Star yest to see what the current transfer value is. Just over 11k at present so still cannot transfer it to my PRSA:(
 
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