Friday, February 26, 2010

Changing Jobs?

If you are changing your job, (that is, leaving your existing job and commencing a new one), there are a number of steps you should take in relation to tax and social insurance contributions (PRSI). In addition, there are important issues to be aware of, regarding your pension.

Whenever you leave a job you should get a form P45 from your employer. From 2009 you will also be given an Income Levy Certificate for your own records. Your new employer then takes some details from your P45 and then sends your P45 form to the tax office on your behalf. If you do not submit a P45 your new employer will deduct emergency tax.

If you have an occupational pension your benefits from the pension scheme may be preserved within the scheme or transferred to another scheme. Legislation requires that when a member leaves a scheme that they must be provided with a Leaving Service Options letter within 2 months of their exit from the scheme. Before you leave your employment, you should talk to the person in the company who has responsibilty for administering the pension scheme, as each scheme has its own rules.

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