D
Dan Murray
Guest
Hi to all,
......but most particularly to anyone with a specialist knowledge of the calculation of the TFLS from an occupational pension plan!
Here's what I'm puzzled about....
Background
Normally, the TFLS is calculated on the old 3N/80th or uplifted scale - whereby benefits in excess of the TFLS must be taken in pension form
or
The TFLS is 25% of the Fund and you can more or less do what you like with the remaining 75%
Question
What happens - as is likely to occur more and more - where someone has both a DB pension and a DC fund from the one employment? What are the rules here and where are they written down (i.e. from what I can see the Revenue's pension manual is silent about all this)?
It may be easier to answer by just calculating the TFLS in the following scenario:
- Individual retiring at normal retirement age
- All benefits from the same employer
- DB pension of €5,000 p.a.
- DC assets (say no AVCs!) of €800,000
- Salary (say also final remuneration) of €60,000
- Company service of 30 years
......but most particularly to anyone with a specialist knowledge of the calculation of the TFLS from an occupational pension plan!
Here's what I'm puzzled about....
Background
Normally, the TFLS is calculated on the old 3N/80th or uplifted scale - whereby benefits in excess of the TFLS must be taken in pension form
or
The TFLS is 25% of the Fund and you can more or less do what you like with the remaining 75%
Question
What happens - as is likely to occur more and more - where someone has both a DB pension and a DC fund from the one employment? What are the rules here and where are they written down (i.e. from what I can see the Revenue's pension manual is silent about all this)?
It may be easier to answer by just calculating the TFLS in the following scenario:
- Individual retiring at normal retirement age
- All benefits from the same employer
- DB pension of €5,000 p.a.
- DC assets (say no AVCs!) of €800,000
- Salary (say also final remuneration) of €60,000
- Company service of 30 years