What's your occupational pension like?

  • Thread starter William Caxton
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William Caxton

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I'm trying to get some general guidelines of what kind of occupational pensions real people in the workforce are paying into, and benefits they are receiving, etc., etc. The reason I'm asking is that my own occupational pension scheme is asking us to top up once again and I think for what we're already paying we're getting a bad deal.

This is what mine is like. Is it good, bad or indifferent?

We work in the media industry and our pension is a defined benefit scheme. Every employee pays in 24 Euros per week and the employer pays in his share. The pension is based on our negotiated wage rate of 18,000 Euros (thankfully our salaries are better due to house schemes) and at retirement we're entitled to two-thirds (66%) of our final salary (excluding state pension), which would now be 12,000 Euros if one was to retire today. After retirement the benefits are not indexed linked, a guy retiring today would be stuck on 12,000 Euros per annum forever more. The lump sum death benefit in service 72,000 Euro. If a member predeceases spouse after retirement the pension is reduced to half (50%). Now we're being told the scheme is doing badly and we have to top up our weekly contributions.

Would others workers out there give us an idea of what they're at.
Private or Public Service:
Defined benefit or defined contribution:
Weekly contribution:
Benefits at retirement:
Are you indexed linked after retirement:
Lump sum death in service benefit:
And any other relevant information.

I reckon ours is seriously flawed, or am I just imagining things. Would appreciate some comparisons. Thanks.

W.C.
 
occupational pension schemes

Typical public sector occupational scheme, for a worker NOT paying PRSI, so no state pension involved.

Defined benefit, with defined contribution rate.
6.5% of salary contribution from worker.
Pension = 50% of final salary, after 40 years contributions.
Pension is index-linked to salary of the job held.
Spouse's pension, I think 50% of the full pension.
Tax-free lump sum = 150% of final salary.
Not sure about death-in-service.
 
Re: occupational pension schemes

I've only ever had the opportunity of being a member of an occupational (defined contribution) scheme for seven of my c. seventeen working years in the private sector... :|
 
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