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Over the course of your career, you may have worked at multiple jobs and contributed to different pension schemes. But did you know that many people lose track of their old workplace pensions? It’s estimated that over €500 million in pension benefits remain unclaimed in Ireland.
How Do Workplace Pensions Work?
Most large companies offer an Occupational Pension Scheme, where employees and sometimes employers contribute towards a retirement fund. Smaller employers often provide access to a Personal Retirement Savings Account (PRSA) instead. These pension contributions accumulate over time, even after you leave the company. However, they do not follow you automatically, meaning you must actively track and manage them.
How to Find Your Old Workplace Pensions
If you suspect you have unclaimed pension benefits, follow these steps to track them down:
- Check Past Payslips and Statements – Look for records of pension contributions.
- Contact Previous Employers – Reach out to HR or the accounts department to get pension scheme details.
- Consult the Pension Provider – If you have past benefit statements, use them to contact the pension provider directly.
- Use the Pensions Authority – All pension schemes must register with the Pensions Authority, which can help locate old pensions.
- Seek Financial Advice – A Financial Broker can assist in tracking, consolidating, and optimising old pension funds.
What to Do After Finding Your Old Pension
Once you locate your old pension funds, you need to decide how best to manage them. Leaving them in their original scheme means limited control, and they may lose value over time due to inflation. Here are your options:
- Leave Your Pension in the Existing Scheme
- Your pension remains invested, growing over time.
- You’ll access it at the scheme’s retirement age, usually 60 or 65.
- However, you cannot make investment decisions or contribute further.
- Transfer to a Personal Retirement Bond (PRB)
- Also known as a Buy-Out Bond, this allows full control over your pension investments.
- Access is possible from age 50, with a 25% tax-free lump sum.
- You can choose investment strategies to maximise returns.
- Transfer to a New Employer’s Pension Scheme
- If your new employer offers a pension, you might consolidate funds into one scheme.
- Review the terms to ensure it aligns with your long-term financial goals.
- Transfer to a Personal Retirement Savings Account (PRSA)
- PRSAs are flexible and portable.
- Suitable for self-employed individuals or those without an employer pension.
- Contributions can continue regardless of employment status.
- Claim a Refund of Contributions (Limited Eligibility)
- If you were in a scheme for less than two years, you may claim a refund of your contributions (subject to tax deductions).
- This option forfeits any employer contributions and long-term growth potential.
Take Control of Your Retirement Savings Today
Don’t let your hard-earned pension contributions go unclaimed! If you’ve worked for multiple employers, it’s time to track down and consolidate your pension benefits.
At Derradda Financial Services we provide this service and can help locate lost pensions, old workplace pensions, optimise investment strategies, and ensure you maximise your retirement savings.
Need help finding your old pensions? Contact us today to secure your future.