Pensions: Leaving after 2 years

[wilsonk]

I've been in a pension scheme at work for roughly two years. I'm moving over to Canada shortly for a few years and when I rang up the pension provider, they recommended taking a refund. I will be back and forth to Ireland and am wondering about putting the money into a PRSA. This is my first posting and I'm a complete newbie ie eejit when it comes to such matters. Please help!

 

[RainyDay]

Re: Pensions

I've been in a pension scheme at work for roughly two years. I'm moving over to Canada shortly for a few years and when I rang up the pension provider, they recommended taking a refund.

Hi WilsonK - Welcome to AAM - As far as I know, if you have been a member of a pension scheme for > 2 years, you cannot take a refund.

 

[Mrs Dara]

Re: Pensions

Agree with Rainyday.

The maximum statutory vested rights period on an occupation pension scheme is 2 years which means if you are a member of the scheme for more than 2 years you cannot take a refund. You can transfer the fund to a retirment bond, which is just transferring it from the scheme into your own personal name or you can leave it where it is. As far as I know alot of the insurance companies are reluctant to recieve a transfer into a prsa from an company pension scheme. Think I've heard this before somewhere.