In case you leave your employer, your benefits will be deactivated. That has a different impact depending on the benefit in question.
Health insurance
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 by default.
However, for Irish and International health plans, if you prefer, you can contact the provider (Irish Life Health or Allianz, respectively) to continue the plan privately.
Pension scheme
Pension scheme
Your contributions to the pension scheme will stop and the pension provider will send you a letter with your options. You will still have access to your account with your pension provider, which is tied to the funds invested and your pension pot. The possible outcomes depend on the country your pension scheme is based.
In Ireland, you have three options:
Preservation of benefits
As you stop contributing to this pension scheme, you become a deferred member. You're entitled to keep the funds accumulated to date until you retire. Those benefits will be held for you and you can claim them when you when you retire.
Transfer of benefits
Alternatively, you can also transfer the accumulated funds to date to a 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.
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.
You should seek independent financial advice before deciding on which option is right for you.
In the UK, these are your options:
Keep the accumulated funds in your pension pot.
Transfer your pension to another scheme (for example, your new employer's scheme).
Combine your pensions if your new employer also uses Smart Pension to provide their pension scheme.
In addition, if you're 55 or older, you can also start to access your savings and explore your retirement options.
You should seek independent financial advice before deciding on which option is right for you.
Life assurance
Life assurance
This protection will end from the moment you stop working for your employer.