Changing jobs and your pension
If you change jobs what are your options?
When you leave a job there is a lot going on - normally one of the last items considered are the options for your pension money. When you leave employment you should receive a "Statement of Options" letter within 2 months of leaving service.
What is important to point out is that your workplace pension still belongs to you. The money will remain invested and the trustees discretion and you will be able to access your benefits at retirement age.
However, there are many different options available if you change jobs - what is right for you will depend upon your circumstances.
Before you take any action it is important to contact a professional pension advisor, who will then check the rules of the scheme to establish which options are available in a particular case, the charge implications and especially if it is an older scheme whether there are any guarantees attached to your pension.
Generally the options available if you are a member of a defined contribution pension scheme are as follows:
Take a refund of your own contributions/value of own contributions, including AVCs, made to the scheme. (Only available if less than 2 years qualifying service.)
Leave benefits paid up (defer your benefits).
Take a transfer value to new employer’s occupational pension scheme.
Take a transfer value to a personal retirement bond.
Take a transfer value to a PRSA (only currently available if you have completed 15 years or less scheme service).
Take a transfer value to a public sector scheme.
Take a transfer value to a suitable pension arrangement outside the State.
If you are aged 50 or over at the date of leaving service, you may be able to exercise early retirement options.
If you have previous pensions and would like a clearer picture then please give us a call - 091 44 11 88.
Want to know more? We are available to discuss your options, and we look forward to hearing from you.
Our job is to help you choose a product and structure that will help you meet your goals.
telephone | 091441188 and/or email | office@nelsonlife.ie
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