Changing jobs – or leaving employment entirely – is a moment of opportunity when it comes to your pension. Whether you’re heading for a new role, a career break, or stepping back from the workforce, the pension decisions you make before you finish can have a lasting impact.

Here are five pension questions to ask before you go.

1. Should you top up your pension before you leave your job?

For many people, the final month or two in a role is the perfect time to maximise pension contributions.

First, you may still have access to matching employer contributions. This is a valuable way to double your money that will disappear once you’ve left the company.

Second, topping up before departure brings immediate tax benefits. If you’re finishing mid-year, remember you’re still entitled to contribute up to your age-related limit for the full tax year – not just the period you worked.

Remember, in Ireland it’s not possible to claim tax relief on income used for pension contributions for a job you’ve left. So your chance to max out your pension from your old job will go away once you’ve left the employment.

And third, your income may fluctuate after you leave – if you’re moving to a lower-paid job, taking time out, or starting a business. Making pension contributions while your income is higher helps you lock in tax relief at a potentially higher rate.

In short: if you can afford it, this is often the best moment to boost your pension tax-efficiently.

2. Can your employer claw back their contributions after you leave?

A common worry is whether your employer can take back contributions once you’ve handed in your notice.  In most cases, the answer is no.

In general employer pension contributions, once paid into a pension scheme on your behalf, are legally yours. Your employer cannot claw them back simply because you are leaving.

However, if you have been at your job a relatively short time, beware of vesting or qualifying periods: some schemes give your old employer the ability to claw back the contributions they made if you have been a member of the pension scheme for less than two years. It’s worth reviewing your HR documentation to check this point, as there are ways of protecting against your employer clawing back the money they have paid.

3. Should you move your pension once you leave?

Once you leave an employer, your pension stays where it is unless you move it too.

This is the moment to ask if that scheme is still the best home for your retirement savings. There are three main options.  We’ve set out an overview below, and a detailed guide here.

You can leave it where it is.  This is the default. Your pension stays invested, though you lose access to employer contributions. The main drawback is that the investment menu or flexibility may not suit you long-term. Workplace schemes are designed for groups, not individuals, so there may be better alternatives out there for you.

Secondly, you can transfer it to a personal retirement bond (PRB) or Personal Retirement Savings Account (PRSA). Also known as a buy-out bond, a PRB option gives you greater control, typically a wider investment choice, and independence from your former employer. It’s a strong option if you want flexibility or are consolidating multiple old pensions. A PRSA has similar benefits.

Thirdly, you can consolidate your old pension into your new employer’s scheme.  This reduces your flexibility because you no longer have multiple sources of pension wealth. But if your next job offers a pension plan with good investment options and competitive fees, moving old pensions here can help you keep your retirement savings organised and aligned.

4. Leaving due to redundancy? Tread with care

Lastly, if you are leaving your job because of redundancy, you may be offered a higher severance payment in exchange for waiving your future right to a tax-free lump sum.

While this might seem attractive as you’ll receive more cash in the first instance, for most people in Ireland this is not in their best financial interest. In general, the best approach is not to waive your future rights. Be sure to run the numbers with care. In most cases, retaining your future right to a lump sum from your pension will make you more money.

5. What do your new pension and benefits look like?

If you’re negotiating a new job, look beyond the headline salary. Does it come with a strong, employer-backed pension? Do they pay in more or less than the one you’re giving up? Will you be auto-enrolled, and do you need to start a private pension yourself? Are you giving up other benefits that will be expensive to replicate, such as death-in-service or health insurance if you’re in mid-career?  Now is the time to ask.

Leaving a job is more than a career milestone – it’s a financial planning moment.

Topping up, understanding your employer’s obligations, and choosing the right home for your pension before you leave your job can significantly strengthen your long-term position.