Certificate of Comparable Benefits

1

149oaks

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Does anybody know if you need one of these when an AVC Scheme is being wound up and the main DB scheme not? I think in the case of the DB scheme winding up I wouldn't need one? Also as a deferred member of both if I choose to transfer out of the DB scheme at the same time as the AVC Scheme wind up would I need one?
Any idea what the charge is for these? I'm also not sure of what they are and what they are meant for.
 
This document is only required for main scheme benefits. You won't need one for the transfer of AVC's. If the main scheme is winding up you won't need it either. It's purpose us to show that you are not suffering a considerable disadvantage by transferring. They're only required when transferring to a PRSA with transfer value / actuarial value greater than 10k. I've no idea on charges but I think many life companies are reluctant to provide them at all and only accept transfers to PRSA's under 10k. Im open to correction on this!
 
A Certificate of Benefits Comparison is needed in certain circumstances if you want to transfer a fund from an Occupational Pension Scheme (DB or DC) into a PRSA. It's a certificate prepared by a suitably qualified and insured actuary that compares your position before and after the proposed transfer.

  • It's not required if the scheme is being wound up.
  • It's not required if the fund is less than €10,000.
Remember that transfers into a PRSA from the main DB scheme will only be allowed if you have less than 15 years' pensionable service.

The requirement for a Certificate of Benefits Comparison and the 15-year rule don't apply if you're transferring to a Buy-Out Bond.

Liam D. Ferguson
 
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