Previous Employer Pension
Need pension planning advice? If you have pension benefits in a previous Employer’s scheme, we can assist you with finding and reviewing your early retirement options.
Call us (01) 5543 678
Or complete a review request today and we will return your call within 24 hours.
Get A Free Review
Just fill out the details below…
Previous Employer Pension
Need pension planning advice? If you have pension benefits in a previous Employer’s scheme, we can assist you with finding and reviewing your early retirement options. If you are more than 50 you may be able to avail of a TAX-FREE LUMP SUM. You may wish to extract cash from your pension or claim early retirement benefits. We can assist you with the technical details of claim and regulatory compliance process.
To release some pension cash from a previous Employer’s scheme, call us today and get an Experienced, Independent Financial Advisor working on your case.
You will have several options including:
- 1. Transferring fund value to a Personal Retirement Bond. If you’re more than 50 years of age, you may be able to subsequently withdraw tax free cash and vest the balance in a Post-Retirement Fund.
- You may wish to compile all of your previous Employer pensions in Personal Retirement Bonds from which you may be able to take early retirement benefits and extract tax free cash.
- You may wish to transfer a previous pension to a current Employers scheme.
It may well be that you can withdraw cash from previous Employers pensions tax free while continuing to work in your current employment.
We will assess your situation and compile an action plan which illustrates all the options and compares the market for Personal Retirement Bonds and Post- Retirement funds such as ARF’s and AMRF’s. (Approved Retirement Funds and Approved Minimum Retirement Funds). The less you pay in unnecessary charges, the longer your pension fund will last!
I am working in a new company and thinking of moving my Retirement plan from my previous company to them to have all my pensions together. Is this a good idea?
It sounds logical, but in practical terms, the transfer of your previous pension to the scheme of your new employer will limit your Retirement from that Fund until you retire from the new Employment.
Best advice is to keep each Occupational Pensions separate as this may allow you to take Early Retirement Options and Tax-free cash extractions from previous pensions. E.G. If you are more than 50 years of age, and have left the employment of a previous scheme, you may well be able to transfer your previous pension to a Personal Retirement Bond and Retire early from it while you continue to work with your current Employer. Tax-free lump sum of 25% of Personal Retirement Bond values are permitted by Revenue once you’re more than 50 years of age.
My employer is winding up and selling up and I am worried about my pension as I left it with them when I left employment. Should I be worried and what should I do?
No, you do not need to worry. However, when this happens it may be more onerous on a deferred member or scheme leaver to keep tabs on pension benefits in an old employment schemes as the years go on. Advice is needed before you make any decision as there are pros and cons to each choice.
Our Advisors will assist you with advice and procedure to securing your former Employers Pension Fund in your own name through a Personal Retirement Bond with a Life Company. You may have early Retirement entitlements including a Tax-free cash payment from your Pension. To engage our assistance, please call the number below or request a free review.
Redundancy plans are generally published in advance by Employers. A redundancy scheme will typically offer a worker a number of levels of compensation for loss of their employment including:
- Typically, a number of week payment per year of Employment i.e. Statutory Entitlements.
- An Ex- Gratia payment from the Employer.
- Access to a higher Tax-free lump sum by taking some Tax-free cash from the Pension of the Employee.
Redundancy calculations need to be considered very carefully as the highest offer termination payment available to the Employees may include:
- A voluntary waiver of one’s Tax-free Pension entitlements.
- Restriction on the Employee taking maximum Tax-free cash from their pension early. (Age 50).
In simple terms, what appears to be the larger value a termination payment or “Cheque payment” on the offer day may well not be best position for the Employee long term. It may limit Early Retirement Options from that Occupational Pension Fund as a result of accepting the higher Redundancy offer.
If you are considering a Redundancy offer, our Advisors offer a free review of your employer’s published Redundancy payment offer. We will consider your age and further Employment / Retirement Options independently of your Employer’s offers.
Our Advisor will illustrate the best short-term redundancy offer for you and the implications it may have on final Retirement. To enlist our help with calculation your optimum Redundancy position, please call the number below or request a free review.
What Our Clients Say
”Our Customers Have Rated Us “Great”
Extremely great service
I had moved jobs a few times and had various benefits with former employers’ group schemes. I was unsure on how to consolidate or claim future benefits. I am over 50 and have enjoyed tax-free lump sum payments on former employments while I continue to work and fund my existing occupational pension. New Alliance TA Pension Planning were superb in identifying my entitlements and putting in place a pre-retirement strategy. The advice was practical and I benefited from their consultants’ vast experience in pension consolidation.