Preserved pension

F

Frager

Guest
My wife worked for Telecom Eireann from 23 January 1972 to 31 December 1988, i.e. 15 years and 344 days.

She has jsut been informed that she is entitled to a 'preserved pension' from her sixtieth birthday.
Does anyone here know what is meant by a 'preserved pension' and how is the amount calculated.

Thanks.

Frager
 
From the Irish Pensions Board www.pensionsboard.ie/


ajapale
 
Thanks to ajapale for the reply.
Firstly, apologies for the wrong starting date. It should be 1973, not 1972.
I do not fully understand the answer given.
Also, since my wife finished work in 1988 and does not have 2 years *after* 1991, how does that affect the situation?
 
Hi Frager,
Im not a pensions expert (every thing I know I have learned here)

The pensions act of 1990 made it obligatory for companies to preserve the pensioners of early leavers.

I might be wrong but I think that Telecom voluntarily preserved the pensions of people with service prior to that date. This would mean that your wife may be entitled to recieve a small pension based on a proportion of her 1988 salary on reaching normal retiring age.

You should ring the telecom pensions people who sent you the first correspondence. Im sure they will explain the pension scheme as it applies in your case.

Hope this helps
ajapale
 
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