Defined Benefit Pension

O

Onceagain

Registered User
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139
I am 50 next year and thinking about cashing my pension in. It's €6,700 pa when I hit 65. I was in it for 7 years. Anyone know what it might be worth. I know 25% tax free,thanks.
I have another pension with current employer which I will leave alone.
 
When you left service you got a leaving statement which showed the statutory transfer value. This will have revalued a small bit each year but if not too long ago it would be close enough for a rough estimate. You may be better leaving it there in case the company offers an enhanced value to members. Once you get to 55 the tv calculation becomes more favourable each year so the longer you leave it there the better if no funding issues for the scheme.
 
You have to get permission from the trustees to draw your pension down at 50. If you are looking for a transfer value, you will have to request that and it will be calculated. The scheme funding levels will be taken into account when deciding the transfer value. If there is a scheme deficit, your transfer value will be reduced to take the deficit into account.

Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)
 
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