Missing 2 years on Pension Statement

[sooty]

Apologies if this has been answered before. I started working with a Irish Financial Institution in 1990 but on my Pension Statement it shows my Pensionable Service started on 05/03/1992. My pension is a Defined Benefit Pension.

Thank You


Sooty

 

[LDFerguson]

That seems to be saying that you joined the pension scheme in March 1992. There may have been eligibility criteria, e.g. you had to be working there for a certain period of time before you could join the pension scheme. Or it might have been age-related. I started working for an Irish financial company in 1989 when I was 18, but as far I can recall you had to be 20 or 21 before you were allowed into the pension scheme.

 

[sooty]

Thank for the reply, I was 20 when i joined in 1990 just shy of turning 21. Joined in Feb 90 and turned 21 at start of the March. Was just talking to another Bank Official who can access her pension at 60 and she couldn't understand why i have to wait until i am 63 :mad:

 

[LDFerguson]

Thank for the reply, I was 20 when i joined in 1990 just shy of turning 21. Joined in Feb 90 and turned 21 at start of the March. Was just talking to another Bank Official who can access her pension at 60 and she couldn't understand why i have to wait until i am 63 :mad:

What age was she when she joined?

 

[sooty]

She was 19 but it wasn't the same Bank and a good few years before me.

 

[LDFerguson]

She was 19 but it wasn't the same Bank and a good few years before me.

I'm only guessing but perhaps the rules of her bank's pension scheme allowed her to join after a year when she was 20, so she had 40 years' service completed when she was 60. For whatever reason, yours made you wait until you were 23. That sort of rule is at the discretion of the pension scheme, so you'd have to ask the scheme administrator of your pension scheme why you only joined the scheme in March 1992 even though you were working for the bank since 1990.