unclaimed pension benefits

It has been estimated that upwards of €500 million could be sitting in various pension schemes in Ireland that have either been forgotten or ‘lost’ by those who have moved or changed jobs.

If you have worked for more than one employer, worked in another country, or left a job and changed your address, you may have pension benefits that you have forgotten about. Employers may have taken pension contributions from your salary or wages without you taking much notice or remembering about these over time when you switched job or role.

Since there is no one single way to access information on your pension savings, or trace previous savings, it is easy to forget or be unclear on previous contributions you may have made to a pension or feel that those contributions have been ‘lost’.

National Pension Helpline can assist you to trace old or forgotten pension contributions and, if this is best for you, combine them into a new pension fund in your own name. You may even be able to access a 25% tax free lump sum if you are over 50 in some circumstances.

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Why trace old pensions?

The estimated figure of €500 million of unclaimed pension benefits could be even higher given the good performance of global stock markets in recent years, some industry experts suggest, possibly even as high as €1 billion.

This may mean that old, forgotten pension contributions that you have made could be worth more than you might think. 

If you have moved jobs, moved house, moved country, or left Ireland and returned at a later date, you may well have contributed to an old employment pension along the way and either forgotten or lost the details.

As these funds may not have been managed as effectively as possible, for example the risk profile of the investment may no longer match your life stage, it is even more essential that you trace any old employment pensions that you may have contributed to in order to consolidate those pensions into a fund in your own name that you can control or transfer them to a current employment pension.

You may also find that you can access a tax free lump sum of up to 25%, if you are over 50 and certain conditions are met, up to a limit of €200,000.

How to go about finding an old pension?

The National Pension helpline can assist you in finding old employment pensions that you may have previously contributed to.

We will need some detail from you, although we can go ahead without these details if needs be:

Your PPS number will help to track down any old pensions more speedily. If you have previously worked in the UK or another EU country, you may have a national insurance or other social insurance number from that country and that is also helpful but may not be absolutely necessary.

Any previous employers are obliged to keep membership and financial records of their pension schemes and will likely have information on the details of the pension provider who manages their occupational scheme.

If your old employer has ceased operating, don’t worry, it may still be possible to locate the pension provider responsible for your pension. Likewise, if the pension provider has ceased operating or merged with another financial institution, it may still be possible to locate your old pension pot.

You may be required to provide details of old addresses that you lived at while working for your previous employers if possible. This will speed the process of tracing any old pensions.

finding an old pension?

Trace your old pension today

The National Pension Helpline offers free, confidential advice and information about all things pension related, including assistance to trace old or forgotten pension benefits.

If you have moved jobs or switched employers or think you may have made pension contributions with an old employer’s pension scheme, it is worth trying to trace those contributions. They could be worth more than you think and you could use these benefits to start a pension plan in your own name or boost an existing employment pension.

You may even be eligible to receive a tax free cash lump sum up to €200,000 if you are over 50 in some circumstances.

The National Pension Helpline has qualified pension advisors who can help you to trace an old pension and offer you advice on your options for the accrued benefit.

Fill in our online form or call us today and start the process.

What are my options for old pensions?

Where you find that you have accrued pension benefits from an old employment pension scheme, you have several options.

If you worked for the old employer for more than two years, you generally cannot get back the money which you have contributed.

If you leave the contributions where they are, your old employer cannot make further contributions but the money will remain invested until you choose to retire, depending on the rules of the scheme.

If your new or current employer offers an occupational pension scheme, you may be able to transfer your accrued benefit to this scheme.

You may choose to transfer your benefit to a ‘buy out bond’, or a personal retirement bond. A ‘buy out bond’ is a policy in your own name over which you have oversight and investment control. A ‘buy out bond’ may also be an option where a company pension scheme is shut down.

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