We can help you:
Why trace your pension?
Client Case Study
Name | Patrick
Age | 58
Patrick worked for an Irish airline company and finished employment 9 years ago. He worked for the company for 18 years and knew that he was part of the company pension scheme.
He wasn’t sure exactly how to go about finding information regarding his pension. Patrick’s friend had recently come to Pension Support Line with a similar case and recommended our services to him.
Following a brief chat with an advisor over the phone, Patrick completed some simple documentation which was sent to administrators of his company scheme.
Patrick then decided he would transfer out of the company pension scheme into a policy in his own name. He was able to access a percentage of his benefits tax-free and invest the remaining funds to suit his attitude to risk.
Client Case Study
Name | Kieren
Age | 58
Kieren contacted Pension Support Line following seeing an advertisement on Facebook. He had worked in an employment for 16 years and was part of a Defined Benefit pension scheme.
He left that employment to change job 5 years ago. However, Kieren was under the impression he would have to wait until age 60 to potentially access his benefits which were incorrect in his case.
After discussing with an advisor and assessing different options, Kieren decided to transfer his policy to a Personal Retirement Bond. This allowed him to have full over his investment decisions and a wider array of fund choices.
If your situation is similar to either of the above and you would like to assess your options, feel free to contact our team.
There are currently as estimated €500 million of unclaimed pensions in Ireland.
A considerable amount of this is from occupational pension schemes. These are also known as company or employer pension plans.
The employer pension plan is usually a Defined Benefit (DB) or a Defined Contribution (DC) plan.
Have you ever worked somewhere and been part of either of these plans?
If any of this is sounding familiar it may be worth assessing your options.
Our advisors help clients across Ireland in similar situations, many who are eligible for a 25% tax-free lump sum.
If you would like to book a complimentary consultation please click here.
Table of contents
Ireland's unclaimed pensions
Have you changed or left employment?
Due to a recent change in legislation, you could be eligible to cash in your company pension as per revenue rules.
It’s not always easy to keep track of a pension, especially if you’ve been in more than one scheme or have changed employer throughout your career. But, it’s important that you do claim your pension, so the sooner you trace a lost workplace pension, the better.
Many of our clients have worked for state, semi-state and privately owned companies. If your pension is ‘Paid-Up’, meaning that neither you nor an employer are making contributions, it may be worth assessing your options. It is currently estimated that there is upwards of €400 million ‘lost’ or unclaimed pensions in Ireland. Do not let your money be part of this.
Have you a pension from previous employment?
The times we live in are ever changing, particularly when it comes to careers and how often we change direction. Recent surveys estimate workers now change on average, between three and seven times during their lifetime.
Whether you have moved jobs, lost your job, or finally took the plunge and become self-employed, you are probably wondering what options are available to you regarding ‘that’ pension from your previous employment. Well, the good news is you have different options available, although it will depend on the length of your employment along with what type of pension scheme.
Under legislation introduced in 2016, most occupational pension schemes can be accessed from age 50 with many eligible for a 25% cash tax-free lump sum. Therefore, you could be eligible to cash in your company pension from your previous employment.
We have taken the time to explain the different options available depending on the scheme.
Am I eligible to trace my workplace pension?
This can be a stressful time. Don’t worry, we understand. We provide a pension tracing service for all our clients. If you do in fact have a pension from previous employment, one of our advisors will then discuss your options.
We will initially need some basic information from you, along with any correspondence or information you may have with regard to the scheme. From here our team of advisors can contact the relevant scheme administrator. This is where we will begin to unlock your pension.
Information our advisors will need from you
Of course, the information you provide our team with, the greater the chance of tracing you pension. Some of the information our team will request:-