Revenue Limits
Hi Flash
Under Revenue limits, you can always receive a pension of 1/60th of final remuneration per year of service, regardless of any retained benefits from previous employment.
Let's say you leave a job at age 55 on a salary of €100,000 per annum and a preserved pension of €50,000 per annum payable from age 65 and join a new job paying €40,000 per annum. Let's assume that both your preserved pension and your salary increase by 20% in total over the next ten years.
On retiring from your new job at age 65, you can receive a pension from that employer of 10/60 * €48,000 = €8,000 per annum. You will also receive €60,000 per annum from your old employer's pension scheme.
Your total income in retirement will therefore be €68,000 per annum, which is €20,000 more than the salary you were receiving immediately before retirement.
Regards
Homer