AIB Defined Benefit Scheme - preserved benefits help

[Matilda2025]

Was chatting to my friend who left AIB a few years ago. She had about 37 years in the AIB so had a DB pension and then also has some years under the DC pensions when the DB was closed. She is due her DB pension in Jan 2026. She does not seem to know what her DB pension will be or what benefits she has. She did email the scheme to ask but they said they couldn't give her the details until she retired? Does anyone know:

What were the benefits of the scheme? Is it just pension or lump sum?
Should she be getting a yearly statement with the details?
For the DC part how is that worked out - I presume that retirement age is 66?

Thanks

 

[Ruffian]

Is this the Scheme? Is she registered? https://www.planforlife.ie/

I assume this is the information booklet for the DB Scheme: https://www.planforlife.ie/wp-conte...2/09/AIB-DB-Members-Booklet-December-2008.pdf

And a recent newsletter: https://www.planforlife.ie/wp-content/uploads/sites/6/2024/07/AIBDBNewsletterJune2024.pdf

 

[ClubMan]

Maybe she can get some information/assistance here?

Staff Pensioner

aib.ie

 

[Matilda2025]

Thanks Ruffian. The booklet is useful but I think she may have been in the older scheme. Will talk to her and see.

 

[Ruffian]

The booklet is useful but I think she may have been in the older scheme

Perhaps. But the DB scheme was for members who had joined before 1997. However, I think the benefits outlined in the booklet may well have been amended due to post-crash funding difficulties:

"ABOUT 6,500 AIB staff are to lose their defined benefit pension entitlements after the bank announced its intention to end its current defined benefit pension scheme.

Staff who are currently entitled to a defined benefit scheme – which has been closed to new entrants since 1997 – will switch to a defined contribution scheme by the end of the year (2012) .

In an email to staff yesterday, chief executive David Duffy said that the cost of providing a large number of staff with a defined benefit pension had become “prohibitively expensive”.

The Irish Bank Officials’ Association (IBOA) and Siptu said they would resist the changes, which won’t affect already accrued payments."

6,500 AIB staff affected by end of defined benefit scheme

ABOUT 6,500 AIB staff are to lose their defined benefit pension entitlements after the bank announced its intention to end its…

www.irishtimes.com

"AIB has wiped €1bn from the deficit in its defined benefit pension scheme by deciding not to pay increases to those in receipt of a pension.
The huge improvement in the finances of the scheme from the decision to stop paying discretionary rises indicates how expensive pension rises can be for a scheme....
.....The AIB defined pension is now €144m in surplus. It has 16,736 members comprising 3,913 pensioners and 12,823 deferred members.
Of the deferred members, there are over 1,890 members who are currently employed by AIB group, the bank said."

AIB saves €1bn by freezing rises in defined benefit plan

AIB has wiped €1bn from the deficit in its defined benefit pension scheme by deciding not to pay increases to those in receipt of a pension.

www.independent.ie

I suggest she should contact Planforlife as above and register.