What happens if I change jobs?

This depends on qualifying service; qualifying service refers to service completed as a member of the company pension plan. Similar service completed in another company pension plan, or in another pension plan from which a transfer value has been paid, will also be counted as qualifying service.

If you change jobs within two years qualifying service you may have some options; like a refund less tax, a transfer to another pension or, in some cases, your old employer may allow you to leave the money invested. After more than two years qualifying service in the company pension plan you will have some options for the retirement savings you have built up during your time with the company such as transfer to another pension or deferment. 

It is important to remember to update your contact details with your personal email address so we can continue to stay in touch. You can do this by logging into Pension Planet Interactive here or email us at pensionplanet@irishlife.ie and remember to quote your member number in the subject line. Remember to always use the email address we have on file, or you will be required to send photo ID or answer a security question before we can action your request.

If you are changing jobs, Irish Life will be notified by your employer confirming your date of leaving service. We will then send you a statement of the options available to you. And remember to always read your member guide to learn more or if you want to find out your leaving date, you can phone our benefits team on 01 704 2000 or email Happytohelp@irishlife.ie.

Your options explained

*Personal Retirement Savings Account (PRSA)

**Personal Retirement Bond (PRB)

Leaving the value of your retirement savings in your current pension plan is known as a deferred pension. This is the default option so if we do not hear from you, your retirement savings will remain in the current pension plan with Irish Life. You will automatically become a deferred member of the scheme when you leave employment.

No forms are required to action this request.

If you have less than two years qualifying service, you can request a refund of the value of your own employee contributions less tax (currently 20%). Generally, you are not entitled to a refund of the employer contributions made by the company on your behalf unless you qualify as an Outgoing Worker*.

*An Outgoing Worker is someone who has left their employer after 13 September 2019 and has either worked in another EU member state or a person who is leaving the country to work in another EU member state.

How to request a refund:

To request a refund, you must complete the Option Election form which is included in the Statement of Options.

Information regarding a refund will be outlined in Option 1. 

Please return the following documents via email to happytohelp@irishlife.ie and remember to quote your member number in the subject line.

We will not be able to process your refund of contributions without the below information:

1. Option Election form

2. Trustee Authorisation*

3. Outgoing Workers Declaration**

4. Passport/Driver’s Licence***

5. Marriage Certificate (if surname has changed)

6. Bank Statement****

*We will arrange Trustee Authorisation on your behalf. Please leave the information in relation to this blank on the Option Election form.

** If you believe you qualify as an Outgoing Worker, you will need to provide supporting proof such as a letter from your new or previous employer.

***The image on your passport or driver’s licence must be visible. You can either scan a copy or send a picture from your phone.

****Your bank statement must be for the account into which the funds will be paid. It must include first-name, surname, address details, IBAN and BIC which must be less than 6 months old.

Once you have completed and returned all the above documentation, we will then request Trustee Authorisation and, once received, process your claim request within 5 working days. We will confirm payment via post with the funds arriving to your account within 3 to 4 working days.

You can choose to transfer the value of your pension savings to either a new company pension plan, Personal Retirement Savings Account (PRSA) or Personal Retirement Bond (PRB) also known as a Buy-out-Bond. When considering your options, it is important to seek independent financial advice.

You can choose from one of the following options when transferring your company pension plan:

Transfer to a new company pension plan

You may be able to transfer the value of your company pension plan to your new employer’s pension plan. This is dependent on approval from the trustees of the new pension plan. This may not include your employer’s contribution if you have less than two years qualifying service. Please read your Statement of Options letter on leaving service to determine whether this option will include your employer’s contributions.

Please return the following documents via email to happytohelp@irishlife.ie and remember to quote your member number in the subject line.                                                   

We will not be able to process your transfer claim without the below information:

1. Option Election form

2. Trustee Authorisation*

3. Passport/Driver’s Licence**

4. Marriage Certificate (if surname has changed)

5. Willing and Able Confirmation***

*We will arrange Trustee Authorisation on your behalf. Please leave the information in relation to this blank on the Option Election form.

**The image on your passport or driver’s licence must be visible. You can either scan a copy or send a picture from your phone.

***The Willing and Able letter/email confirms your new scheme will accept the transfer. You need to contact your new pension provider and request they email a ‘Willing and able’ confirmation. They should then email this to happytohelp@irishlife.ie quoting your member number which includes the new providers Bank, IBAN and BIC details.

Once you have completed and returned all the above documentation, we will then request Trustee Authorisation and, once received, process your claim request within 5 working days. Confirmation of the claim will be issued by post and funds should be received by the new provider within 3 to 4 working days.

You may be able to transfer the value of your company pension plan to a PRSA. A PRSA is a personal pension plan that you take out with an authorised PRSA provider. It is an investment account that you use to save for your retirement. This may not include your employer’s contribution. Please read your Statement of Options to determine whether this option will include your employer’s contributions. Transfers are permitted to PRSA’s but a Certificate of Comparison (which compares the expected benefits from the company pension plan with the expected benefits from the PRSA) and a written statement as to why the transfer is or is not in the interest of the member must be provided where:

• The transfer value is greater than €10,000
• and the company pension scheme is not being wound up.

If you would like to transfer the value to a PRSA, please return the following documents via email to happytohelp@irishlife.ie and remember to quote your member number in the subject line.

We will not be able to process your transfer claim without the below information:

1. Option Election form

2. Trustee Authorisation*

3. Photocopy Passport/Driver’s Licence**

4. Marriage Certificate (if surname has changed)

5. Willing and Able Confirmation***

6. Certificate of Comparison, where applicable****

*We will arrange Trustee Authorisation on your behalf. Please leave the information in relation to this blank on the Options Election form.

**The image on your passport or driver’s licence must be visible. You can either scan a copy or send a picture from your phone.

***The Willing and Able letter/email confirms your new scheme will accept the transfer. You need to contact your new pension provider and request they email a ‘Willing and able’ confirmation. They should then email this to happytohelp@irishlife.ie quoting your member number which includes the new providers Bank, IBAN and BIC details.

****Certificate of Comparison is completed and issued by an actuary. You must provide this to Irish Life, these are typically arranged by your financial advisor at a cost which is paid by you.

Once you have completed and returned all the above documentation, we will then request Trustee authorisation and process your claim request within 5 working days. Confirmation of the claim will be issued by post and funds should be received by the new provider within 3 to 4 working days.

A Personal Retirement Bond (PRB), also known as a ‘buy-out-bond’ is a special type of personal pension plan where the only premium payment comes from a transfer of the value from your previous employer’s pension plan. You can use the proceeds of the PRB to provide retirement benefits from age 50, including a tax-free lump sum if you have left the service of your employer. You cannot make any further contributions into this plan. This may not include your employer’s contribution if you have less than two years’ qualifying service. Please read your Statement of Options to determine whether this option will include your employer’s contributions.

If you would like to transfer to a PRB, please return the following documents via email to happytohelp@irishlife.ie and remember to quote your member number in the subject line.

We will not be able to process your application without the below information:

1. Option Election form

2. Trustee Authorisation*

3. Personal Retirement Bond application form

4. Photocopy Passport/Driving Licence**

5. Marriage Certificate (if surname has changed)

6. Willing and Able Confirmation****

*We will arrange Trustee Authorisation on your behalf. Please leave the information in relation to this blank on the Option Election form.

**The image on your passport or driver’s licence must be visible. You can either scan a copy or send a picture from your phone.

***The Willing and Able letter/email confirms your new scheme will accept the transfer. You need to contact your new pension provider and request they email a ‘Willing and able’ confirmation. They should then email this to happytohelp@irishlife.ie quoting your member number which includes the new providers Bank, IBAN and BIC details.

Once you have completed and returned all the above documentation, we will then request Trustee authorisation and process your claim request within 5 working days. Confirmation of the claim will be issued by post and funds should be received by the new provider within 3 to 4 working days.