Preservation of benefits
Preservation is a term defined in the Pensions Act to refer to a requirement for occupational pension schemes to maintain benefits for members after they leave. The same principle applies in relation to personal retirement savings accounts (PRSA) and personal pensions.
Membership of an occupational pension scheme ceases when you leave that employment. If you have more than two years’ qualifying service, which normally means two years in the scheme as a member for pension purposes, you will be able to leave your benefit in the scheme until you retire (known as a deferred or preserved benefit) or move or transfer the value of your pension benefits to another pension arrangement.
If you stop paying into a PRSA or a personal pension, your benefits will be held for you until you retire, or you can transfer them to another arrangement.
