Written answers
Wednesday, 12 January 2011
Department of Finance
Pension Provisions
2:30 pm
Michael McGrath (Cork South Central, Fianna Fail)
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Question 264: To ask the Minister for Finance if a person leaving the civil or public service to take up a position in the private sector can transfer their pension contributions made as a civil or public servant to their new occupational pension scheme. [1064/11]
Brian Lenihan Jnr (Dublin West, Fianna Fail)
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The vast majority of pension schemes in the Civil and Public Service are Defined Benefit (DB) schemes which are funded by the Exchequer on a 'pay-as-you-go' basis. Unless it is required under the Family Law Acts, pension contributions or accrued pension benefits may not be transferred by a Civil or Public Servant to the private sector. On leaving the Civil or Public Service, accrued benefits are preserved for the individual until they reach normal preserved pension age.
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