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What happens to my benefits if I leave my current employer?
What happens to my benefits if I leave my current employer?
Aine Kavanagh avatar
Written by Aine Kavanagh
Updated over a week ago

In case you leave your employer, your benefits will be deactivated. That has a different impact depending on the benefit in question.

Health insurance

You'll be able to use your healthcare plan until your last day of work. Once your work contract ends, your health insurance will be cancelled.

Pension scheme

The possible outcomes depend on the country your pension scheme is based.

In Ireland, you have three options:

  1. Preservation of benefits
    Even though you'll stop being a member of your employer's pension scheme, you're entitled to keep the funds accumulated to date in that scheme until you retire. Those benefits will be held for you and you can claim them when you draw your pension.

  2. Transfer of benefits
    Alternatively, you can also transfer the accumulated funds to date to your PRSA, your new company's pension scheme, a personal retirement bond, or there are overseas transfers also available. Note that there may be fees attached to these options.

  3. Refund of member contributions

    This option is only viable if you're working for this employer for less than two years. Under these circumstances, you're entitled to take a refund of your pension contributions. Note that this doesn't include your employer's contributions (those would be refunded to the employer) nor the tax relief you got on your contributions.

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