Former Employers Pension Scheme

At Verity Financial Consultants, we have a dedicated Pension and retirement Consultant to help employees track down an old workplace pension whether it is a Defined Benefit or Defined Contribution pension scheme in the private sector.

If you have worked for your previous employer for a period of 2 years, you may have a preserved vested right to your pension. Shortly after leaving employment, the pension scheme administrator will write to you with a number of options outlined. Generally, these options will include:

• Leave your pension in your Former Employers Pension Scheme.
• Move your pension to your new employer pension scheme.
• Take control of your pension by moving into a Personal Retirement Bond (PRB) or a Personal Retirement Savings Account (PRSA).
• You can draw from a Personal Retirement Bond from age 50 onwards. If you become seriously ill before the age of 50, you may be able to draw on your Personal Retirement Bond immediately.
• Take a refund of your contributions (applicable with less than 2 years of service) subject to Revenue limits and taxation implications.

Remember to act quickly when you leave your employer, this is for a number of reasons, such as the loss of a death in service benefit, your pension fund would remain invested which could be too low or too high risk, and some schemes may no longer provide annual updates as they do for active employees.

If you wish to arrange for an initial discussion at no cost to you in our boardroom, please get in touch with our office today using the below contact form.