There is a lot of traffic around pensions these days on AAM. I am conscious that I have several defined contribution pension pots where I am a deferred member and one that I am a current member of, and might accumulate more over the rest of my working life.
What is the best way to administer these? Is the below best practice in general terms?
I have log in details and can view all of my pensions and update the investment structure of each so I will ensure to maintain that over the years so that I can derisk investments as I get closer to retirement
I have noted my current plans in the file my solicitor has to draft my will. I will keep an updated list of details of where they are all being maintained so my spouse has it to hand
Keep them separate so I can retire them at different stages depending on my needs
Consider transferring one of them to a new employer if I feel I won't get the 2 years or whatever min service it is to keep employer contributions eg if I take on a FTC or if things are going horribly wrong and I have time to transfer
Do I need to get statements of service from each pension fund, particularly if I have combined pension pots?
How is the eventual lump sum calculated if I have had several different employers, it is a % of fund or of final salary and how is that decided, ie is it only final salary of the last employer or do all the historical salaries impact it? If so, are they index linked as my salary 20 years ago was tiny?
Do the deferred ones just live there forever, even if the employer has closed down/moved out of Ireland? I assume it is a separate entity of the employer? Could I at some stage be asked to move my pension from a deferred scheme if the membership reaches minimum numbers?
What is the best way to administer these? Is the below best practice in general terms?
I have log in details and can view all of my pensions and update the investment structure of each so I will ensure to maintain that over the years so that I can derisk investments as I get closer to retirement
I have noted my current plans in the file my solicitor has to draft my will. I will keep an updated list of details of where they are all being maintained so my spouse has it to hand
Keep them separate so I can retire them at different stages depending on my needs
Consider transferring one of them to a new employer if I feel I won't get the 2 years or whatever min service it is to keep employer contributions eg if I take on a FTC or if things are going horribly wrong and I have time to transfer
Do I need to get statements of service from each pension fund, particularly if I have combined pension pots?
How is the eventual lump sum calculated if I have had several different employers, it is a % of fund or of final salary and how is that decided, ie is it only final salary of the last employer or do all the historical salaries impact it? If so, are they index linked as my salary 20 years ago was tiny?
Do the deferred ones just live there forever, even if the employer has closed down/moved out of Ireland? I assume it is a separate entity of the employer? Could I at some stage be asked to move my pension from a deferred scheme if the membership reaches minimum numbers?