Potential New Employer - No Pension Scheme

[JimmyCorkhill]

Hi all,

I am in the process of looking for a new job & for one role I have applied for I believe I will receive a job offer.

This company does not offer a pension scheme, they are based in another country in Europe but with a small office in Ireland - so I am not sure do they have a registered company in Ireland or will I be employed through the country where the company is based in Europe.

Either way I will like to keep up my pension and contributions. My current employer contributes around 4.5k euro a year to my pension.

So with this new role if I get the offer & accept I will be looking for at least 5k extra in salary to cover the increased pension contributions I will need to make to offset what my current employer is contributing.

1. I understand this company will have to offer a PRSA, is that true if the company is based outside Ireland but has employees in Ireland?
2. Are any fees associated with a PRSA covered by the employer? Or is that something I would have to cover?
3. Can I decide who to have a PRSA with?
4. What should I do with my current pension (5 years of contributions) with my current employer? Leave it where it is or any other reccomendations?
5. With my current pension with my current employer, if I leave, I presume I will have to pay any annual fees?
6. Any other advice or things to be aware of?

Many thanks

 

[GSheehy]

1. I understand this company will have to offer a PRSA, is that true if the company is based outside Ireland but has employees in Ireland? Yes
2. Are any fees associated with a PRSA covered by the employer? Or is that something I would have to cover? There can be a contribution charge of (up to) 5% and the AMC is typically 1%. These are deducted from your contribution and employer contribution.
3. Can I decide who to have a PRSA with? If employer doesn't have a PRSA Provider appointed already, you could influence that. If they do and you'd prefer to use another one you can ask them to do that but they only have to provide salary deduction PRSA from one provider.
4. What should I do with my current pension (5 years of contributions) with my current employer? Leave it where it is or any other reccomendations? When you leave the company you will get Leaving Service Option Papers. These will set out what you can do.
5. With my current pension with my current employer, if I leave, I presume I will have to pay any annual fees? Annual Management Charge.
6. Any other advice or things to be aware of?

Gerard

www.prsa.ie