Transfer public service pension

[N&C]

Hi All,

I am 29 and completely stupid about pensions!!! I worked for public service for 4 years and made pension contributions for a period of that time. I am now working for private sector. No pension connected to my current job. Should it be something I should be setting up. I have no clue where to start or what to do with the pension contributions I made as a public servant. I'd appreciate any advise.


N.

 

[leroy67]

Hi N&C

The pension contributions you made as a Public Servant will be in a defined benefit scheme and provided the Government is in a position to do so at your normal retirement age they will pay you a guaranteed pension based on your years of service as you will have a deferred benefit.

Now you are working privately you should be looking at funding for your retirement, how you do so will depend on what your marginal tax rate and affordability levels are.

You need to sit down with an advisor and go through the differing options available to you.