If you leave service, all contributions to the Plan will cease. In addition, any
separate lump sum death in service benefit* arranged by your employer will
Your options on leaving will depend on whether or not you have more than 2
years Qualifying Service**.
If you have less than 2 years Qualifying Service, you have the following options.
1. Request a refund of the value of any contributions (including AVCs) paid by
you to the Plan – less tax currently 20%.
2. Leave the value of your contributions (including AVCs) invested in the Plan until Normal Retirement Age. If you leave your benefits in the Plan, they will continue to be invested in the funds selected. Your benefits under the Plan will depend on the investment performance of the funds in which they are invested, and any charges deducted.
3. Transfer the value of your contributions (including AVCs) to a new employer’s
pension scheme, an approved retirement bond or a Personal Retirement
Savings Account (PRSA) in your own name, subject to certain conditions.
4. Transfer the value of your contributions (including AVCs) to a different
country provided the transfer is being made to a pension arrangement that
is acceptable to the Irish Revenue and has been approved by the appropriate
regulatory authority in the country concerned.
If you have completed 2 or more years Qualifying Service** you no longer have
the option of taking a refund of contributions. The rest of the options listed
above apply, but in each case will be based on the value of both your own
contribution (including AVCs) and the value of the contributions that have been
paid to the Plan by your employer.
If you die having left service and before your pension benefits become payable,
the then value of your pension fund is paid to your estate. If your benefits have
been transferred out of the Plan, no further benefits are payable.
*Lump sum death in service benefit means…
** Qualifying Service is service while a member of the Plan for pension benefits, including any similar service transferred in from another occupational pension scheme.