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Leaving your company pension
If you are planning to leave your current employer by changing jobs, moving abroad or retiring, you need to think about what happens to your pension when you leave a company.
You will have different choices, known as leaving service options. Your options will depend on the number of years you have been in the pension plan and the rules of your employer’s plan. You might be able to select from one or more of the options outlined here.
If you’re unsure what the best options are for you and your company pension, contact your financial advisor. If you don’t have one, book a free appointment with an Irish Life Financial Services advisor.
Deferred pension: Keep your pension where it is
You can leave your pension benefits in the pension plan and delay making your decision until later.
You can leave your pension benefits in the pension plan and delay making your decision until later.
Your pension stays invested
You will become a deferred member of the plan and no longer be able to make contributions. Your pension will still be invested in your chosen pension funds. You can make fund switches, access your MyIrishLife pension platform, and you will continue receive annual benefit statements.
If we don’t hear from you
If we don’t hear from you when you leave employment, your retirement savings remain in your current pension plan with Irish Life by default, and you automatically become a deferred member of the pension plan.
What are my retirement options?
Transfer your company pension to another arrangement
You may want to transfer your pension from your current pension plan to that of a new employer, or to another type of pension arrangement. Your leaving service options will explain which choices are available. Some or all of the following options may be possible:
You may want to transfer your pension from your current pension plan to that of a new employer, or to another type of pension arrangement. Your leaving service options will explain which choices are available. Some or all of the following options may be possible:
Transfer your company pension to your new employer’s pension plan
The trustees of your new company pension plan must give their approval.
Move to a Personal Retirement Savings Account (PRSA)
You can transfer funds to a PRSA from approved providers. You’ll need a Certificate of Comparison (this compares your company pension to the PRSA) and a statement confirming the transfer is in your best interest.
Move your company pension to a Personal Retirement Bond (PRB)
This is a special type of pension policy set up in your name by the Trustees of your company plan, to receive a transfer of your benefits from the company plan. No further contributions may be paid to the PRB.
How to request your leaving service options
Step 1: Employer notification
If you are leaving your company, also known as leaving service, your employer will inform Irish Life and confirm your date of leaving service.
Step 2: Your options statement
We will then send you a statement explaining the options available to you.
Get your options
You can learn more by reading your company pension member guide. Or if you want to request your leaving service options, you can do so by logging-in to MyIrishLife.
What happens to my pension if I leave Ireland?
If you leave service with your employer and move abroad, you have 2 options:
What happens my pension if I move to another country?
Refund of pension contributions
If you have less than 2 years in the pension plan, you can ask for a refund of your employee contributions plus any Additional Voluntary Contributions (AVCs) you may have made, minus tax. You typically cannot receive a refund of the contributions your employer made on your behalf.
Resources
Useful resources
If you want to learn more about your leaving service options, please read through our information booklets.
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Financial Advisor Irish Life
Irish Life Financial Services Limited, trading as Irish Life, is regulated by the Central Bank of Ireland. Irish Life Financial Services is an insurance intermediary tied to Irish Life Assurance for life and pensions.