Retained Pension Benefits Notification Form (RETBEN1)

M

Maudwk

Registered User
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Hi,

Would anyone know what the Retained Pension Benefits Notification Form for ?
 
Early Riser said:
It relates to the total lifetime limits for an individual's tax-relieved pension funding - and/or lifetime limits on the amount that can be taken by an individual tax free from their pension funds. There is something about this here: https://www.mercer.ie/content/dam/mercer/attachments/europe/Ireland/Standard-Fund-Threshold.pdf
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Thanks for that. I am currently trying to draw down my pension from 2 public service organisations and have to complete this form for both organisations. When I submitted this form to one of the organisations for completion what was returned to me shows that they don't appear to understand the information that is required on this form or who should sign it. Unfortunately for me until this organisation complete this form correctly I cannot draw down my pension with the second organisation. I was hoping to find out where I could find a link to a circular or a directive on the completion of this form so I would know whether my understand of the completion of this form is correct or not.
 
I don't know of any circular. I am not really familiar with this - but is this Form not a Statutory Declaration to be completed and signed by the applicant for the pension ?
 
The RETBEN1 is a statutory declaration form which is completed by your current employer and previous employers giving details of which type of pension scheme you are a member of, the current value of your lump sum payment and annual pension amount and the date you are eligible to retire. The form is returned to you and you have to sign the declaration on the last page . At least that is mine, my current employer's and one previous employer's understanding of it.
 
I had a look at the form here. https://singlepensionscheme.gov.ie/...Non-Single-Scheme-Retained-Benefits-Form.docx

Most of my work is with private sector pension arrangements. This type of information is required for any Occupational Pension Scheme, private or public sector, to make sure that your benefits are calculated correctly and to ensure that you're not exceeding any limits, e.g. the €200,000 overall limit on tax-free lump sums.

As you say that both of your pensions are public service superannuation, then you would complete the form as follows.

1. Defined Benefit

2. N/A (Insert name of superannuation scheme here.)

3. Address of superannuation administrator.

4. N/A

5. Date you are retiring.

6. N/A - I'm assuming that you never transferred any pension funds abroad.

7. N/A

8. (a) and (b) you insert the amounts receivable from each scheme here. You ignore (c) and (d).

You would complete the form twice. Once for each superannuation scheme.

The above replies assume that you only have two public sector superannuation scheme benefits and nothing else. It also assumes that you have no AVCs.
 
Thank you LDFerguson.
I have submitted the RETBEN1 form to both of the public service organisations I wish to draw my perserved pension from. I had to ask my current employer and the 2 organisations to complete the RETBEN1 form to make sure my combined occupational pensions are under 200K for tax reasons.

My current employer and one of my previous employers had no issue with completing this form, entering under section 8 the amount of the annual pension per annum and the amount of the lump sum and returning it to me.

However the 2nd previous employer didn't complete section 8, wrote a note on the bottom of the sheet about section 7 saying I couldn't have the lump sum figure until I retire in 5 years time. I was also told by 2nd previous employer that it was current employer who should sign the form requesting my details.

My understanding is that I sign the Member Statutory Declaration & Authorisation section of form, enter the name of my current employer, my own name and date it and submit a copy form to the 2 organisations I wish to draw down my pension from.

What I really want to know is who should sign Member Statutory Declaration & Authorisation section of the form - my current employer or me?

Thanks for all your help.
 
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