Pensioner with Defined Benefit pension

[dewdrop]

As a retired employee of one of the major banks am i correct in thinking that under current law in event of a defined benefit pension scheme closing down existing pensioners would be the least affected but that there are suggestions that this priority may be changed in future. In such an event would this only apply to new pensioners and would existing pensioners continue to enjoy Priority.

 

[Palerider]

Existing pensioners rank first, those who left early say on v/s. schemes rank next, finally followed by serving staff, I cannot comment on any proposed changes as I am not aware of any, can you elaborate on that piece with your source or a link.

 

[Conan]

Defined Benefit

Currently pensioners have priority in the event of a wind-up. However the Minister (Joan Burton) has indicated that she intents to change that in an upcoming Social Welfare Bill. How it might operate is not clear, but perhaps existing pensioners might retain priority in relation to say the first €30,000 p.a. But thereafter they may be treated in the same way as current members.
We will just have to await the Bill.

 

[JoeRoberts]

Existing pensioners rank first, those who left early say on v/s. schemes rank next, finally followed by serving staff, I cannot comment on any proposed changes as I am not aware of any, can you elaborate on that piece with your source or a link.

Not correct.

If those who left early have not started drawing the pension (deferreds) then they have same priority as serving staff. If they have started drawing it they are a pensioner and therefore have priority anyway the same as a "normal" pensioner.

Some other smaller points to note for AVC and transfers in as well in terms of priority

 

[partnership]

I was aware that existing people continue to get from what happened at waterford crystal. He qualifies for full pension now but if they do restructure he is down the queue. He probably cant afford to go as he wont get state pension for 6/7 years. As I see it he is working full time for half pay. He might be better to take pension and try to get job to make up diffrrence.