Hi there,
I'm looking for a bit of advice regarding an old employer pension.
I left my previous employer 8 years ago. I was a member of their Defined Benefit pension scheme.
When I left the company my salary was relatively low - €34,500 p.a. after my 13 years of service.
I started there in a junior role and worked my way up to a professional IT role, but the salary did not match the position, hence why I left.
I recently took a look at what I would be entitled to at retirement and was shocked at how little it was. I started looking into transferring into my current employer's DC scheme.
The DB pension is coordinated with state benefits, so after that is taken into account, the amount I would be entitled to would be €1600 per year at age 60.
I would also be entitled to a lump sum of €16k at age 60.
The DB scheme people have told me that taking into account market value adjustments, the transfer value is €19k.
Would I be better off leaving this where it is, or transferring it into my current DC scheme which is doing well at the moment and currently has a "growth indicator" of 33%.
Any advice would be most welcome.
Thank you!
I'm looking for a bit of advice regarding an old employer pension.
I left my previous employer 8 years ago. I was a member of their Defined Benefit pension scheme.
When I left the company my salary was relatively low - €34,500 p.a. after my 13 years of service.
I started there in a junior role and worked my way up to a professional IT role, but the salary did not match the position, hence why I left.
I recently took a look at what I would be entitled to at retirement and was shocked at how little it was. I started looking into transferring into my current employer's DC scheme.
The DB pension is coordinated with state benefits, so after that is taken into account, the amount I would be entitled to would be €1600 per year at age 60.
I would also be entitled to a lump sum of €16k at age 60.
The DB scheme people have told me that taking into account market value adjustments, the transfer value is €19k.
Would I be better off leaving this where it is, or transferring it into my current DC scheme which is doing well at the moment and currently has a "growth indicator" of 33%.
Any advice would be most welcome.
Thank you!