bitethebullet
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Can I ask is this a legal requirement for all members of a DB scheme even if someone has left?Do you get a statement from them every year, it probably has a lot of good information.
As a rule of thumb you can expect to lose 4% of yer 14k for every year you retire before 65.2) If i was to retire early at 60 would it have much of a bearing on that 14k figure?
Can I ask is this a legal requirement for all members of a DB scheme even if someone has left?
My wife and brother in law are in this situation and neither get any communication unless it's bad news.
As a rule of thumb you can expect to lose 4% of yer 14k for every year you retire before 65.
So in this case 5 years = 20% off 14k =11.2k at 60.
You can request a Benefit Statement and according to the Pensions Authority, you must be given such within two months of your request. Many private sector schemes automatically provide members with an annual benefit statement, but I am aware that public sector schemes don’t tend to do so.I’ve never had a pension statement. Do any public service employees get these?
Thanks for that, appreciate the detail too.its Mandatory for schemes to issue statements annually to active members / current employees. It will be mandatory from 1 January 2023 for deferred members, as above you can request a statement and it has to be issued within 2 months.
You have to get the trustees permission to draw down your pension early. If the scheme is in deficit, that is also taken into account when they calculate the amount you receive, you have to share in the deficit. It is rare for trustees to allow for members to draw down benefits as early as 55.Yes that sounds correct. Ideally would love to go at 55 but the pot would be decreased by too much I fear.
I also have a DC pension worth 75 k also. Mortgage paid off.
Would love to give up the unsociable shift hours.
First as advised - ask your pension provider - although we can give you general rules many schemes are different e.g. of all the old ones I have one allows retirement at 60 with same benefits.Ok thanks for the reply. I'm 14 years from drawdown at the moment. Would love to get out at 55 as I find the job quite stressful.
I must request a statement from them.
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