So would the transferred fund still retain the benefit which I choose for it at the time, namely "Retain the right to a pension lump sum".from a pension transfer point of view, when you transfer funds from previous employment, both the benefits and the time served transfer to the new scheme.
What do you consider small, approx €700-1000 affect on this redundancy (the net affect on 2005 redundancy would have been €0 as the exemptions > severance, but it's costing me on the 2017 redundancy). The tax exemptions were reduced on both my previous redundancy (- PVLS of "A+B" pot in 2005) and current redundancy (- PVLS of "A+B+C" pot in 2017). In fact the total cost to my overall tax exemptions (on both redundancies) would be approx x3 times the PVLS quoted after company B (as the current PVLS value for the A+B pension is now double the value it would have been back in 2005).On the face of it, it seems a logical question.
Certainly appears to be an element of double penalty as your previous redundancies presumably suffered higher tax. But probably not by much as the PV often works out quite small.
I have done, I spoke with HR (who didn't know), they put me in contact with the Actuary who confirmed their calculations was to use A + B + C to calculate the PVLS.On the face of it, it seems a logical question.
Worth investigating more, ask the payroll/hr dept to reconfirm with actuary.
True, but if I didn't transfer my 2005 pension then I would have retained the right on the 2005 lump, and for the 2017 lump my tax exemptions would ONLY be affected by company C (and NOT A+B+C).My take on this is that the tax free lump sum on retirement will always restrict the SCSB where you do not waive it.
So in Principal if your TFLS is €100k in 2037 years it will effect both the 2005 and 2017 SCSB calculations.
I don't believe that's necessarily true. My tax exemption were affected on both redundancies, just because my exemptions exceeded my severance does alter the fact that I physically "Retained" my tax free lump sum in 2005 for Pension A+B, so why should I be paying to Retain it now as part of the 2017 redundancy as it was already factored into my 2005 calculations?If you paid no tax on the previous redundancies then you have no case. You have lost nothing. No double counting occurred.
True, but if I didn't transfer my 2005 pension then I would have retained the right on the 2005 lump, and for the 2017 lump my tax exemptions would ONLY be affected by company C (and NOT A+B+C).
I don't believe that's necessarily true. My tax exemption were affected on both redundancies, just because my exemptions exceeded my severance does alter the fact that I physically "Retained" my tax free lump sum in 2005 for Pension A+B, so why should I be paying to Retain it now as part of the 2017 redundancy as it was already factored into my 2005 calculations?
As mentioned above, if I hadn't transfer my 2005 pension then I would have retained the right on the 2005 lump, and for the 2017 lump my tax exemptions would ONLY be affected by company C (and NOT A+B+C which is the way they are being currently calculated).
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