The wording on most scheme was poor and to avoid a challenge most were advised to change the trust deed to make it clear that they did not have the liability for the lost state pension.
ppmeath , no in my case as a BOI pensioner I receive the occupational pension applicable to the years served PLUS the State Pension in due course , if spared - still some years off as I availed of an incentivised early retirement package .
In other words the scheme is not integrated .
Not in my case. I worked for the Bank of Ireland for 15 years and left before 1991. There is "nil" pension for me from them.
I am in a DB scheme, promised 40/60 on retirement on full service. Because I joined the scheme late I also made additional payments to bring me up to the 40/60.
Your pension is based on the terms of the deed .Pensions authority has no role in interpretation of the deed . That is for the trustees or the courts if you want to go there .
As regards job seekers you may be right but in reality it is used to keep this issue under the radar
SlugBreath , 31 degree high here in Seville with nary a cloud in the sky but I like to think that I'm enjoying the fruits of both my own hard work , the benefits of being a member of a DB scheme set up by a good Employer ( until their ethics , morality & decision making shifted ) & the undoubted benefits of Union membership rather than benefiting from any monies that may have been appropriated from you in what frankly seem to be dubious circumstances.
Just lucky I guess
As a group of similar ex BOI people, we sought legal advice and were told that because it was a non contributory pension and because the terms of our employment were, that we lost the benefits if we resigned, then we were entitled to nothing.
Always a concern Steven but life is too short which is why I availed of the opportunity to take the maximum cash lump sum which added to the statutory redundancy payment came to quite a tidy sum .
And of course the State pension is a bulwark against absolute poverty if the worst happens
Thank you for your interesting replies. I will certainly be asking the administrators of my scheme and the trustees if they made changes to the trust deed. If they did, would the members of the pension scheme have had a say?
You are still getting 40/60 of your pensionable salary. What you are not getting is the state pension at 65. The Govt decided this. It is outside the schemes control.I don't believe that I should have to look to unemployment benefit to top up the one year shortfall in social welfare payments. I believe that my pension scheme should bridge that gap. I am in a DB scheme, promised 40/60 on retirement on full service. Because I joined the scheme late I also made additional payments to bring me up to the 40/60.
Deferred members and active members are treated the same by the scheme. Everything else being equal, you are still getting the deferred pension payment mentioned in your leaving statement. It has now been revalued up by inflation. The scheme did not give you a guarantee that the state would pay a pension at 65. For all the scheme knows, you may not even have enough entitlement to a full state pension. They don't consider your contributions.I did leave the scheme early and as a deferred member I would not have been entitled to the full 40/60 but I would be interested to know if a deferred member is treated differently in any way. All the calculations for my pension are based on the time I left my employment. If the changes to the trust deed were made after I left my employment am I not protected in any way?
You are still getting 40/60 of your pensionable salary. What you are not getting is the state pension at 65. The Govt decided this. It is outside the schemes control.
The scheme did not give you a guarantee that the state would pay a pension at 65.
For all the scheme knows, you may not even have enough entitlement to a full state pension. They don't consider your contributions.
And the state pension now is probably higher than the offset applied when you left
But the scheme does not go back and recalculate your pension based on the now higher state pension.
Allowing the collection of JS is a bit of an Irish (part) solution but the whole pension age change was a badly thought-out process.
Not sure if you are talking about a public or private scheme . If it's a private scheme as I am talking about then you're talking nonsense and there is no point going any further .
What an "integrated" scheme promises is a fraction of Pensionable Salary.
What an "integrated" scheme promises is a fraction of Pensionable Salary. And Pensionable Salary is generally defined as "Basic Salary less 150% of the State Pension". That's what the scheme promises. And in the case of SlugBreath that is what he gets.
The fact that the State changed their rules does not mean that the scheme must change theirs.
And in relation to the Pensions Ombudsmans comments the fact (repeat fact) is that if the claimant is over age 62, the Dept of SP do not expect the claimant to be actively seeking work.
Finally, most civil servants retiring today (class B or D) are not entitled to a State Pension. They are mostly members of a non-integrated scheme. It is private sector employees who are mostly members of "integrated schemes".
My occupational pension also takes in to consideration the state pension.
My pensionable salary on leaving employment is different to the actual salary that I was on because there is an offset made for the state pension.
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