I left my Defined Benefits pension scheme 16 years ago on a deferred pension.
I had completed 16 years of a possible 32 years with the company.
When leaving on a redundancy, I asked my employer to top up my pension with about €30k from my redundancy. I thought that I would be able to buy some more "years" and add to my pension pot.
Now here we are 16 years later and I find that the €30k was never put into my Defined Benefit Pension but rather it was put in a Defined Contribution Plan after "sitting" in the DB plan for some time.
The Defined Contribution Plan has not performed very well.
Do Defined Benefit plan's allow for people to top up their pensions with lump sums to buy back years. In my case I thought that I would have the equivalent of about 24 pension years in my DB plan plus a larger sum of money.
I had completed 16 years of a possible 32 years with the company.
When leaving on a redundancy, I asked my employer to top up my pension with about €30k from my redundancy. I thought that I would be able to buy some more "years" and add to my pension pot.
Now here we are 16 years later and I find that the €30k was never put into my Defined Benefit Pension but rather it was put in a Defined Contribution Plan after "sitting" in the DB plan for some time.
The Defined Contribution Plan has not performed very well.
Do Defined Benefit plan's allow for people to top up their pensions with lump sums to buy back years. In my case I thought that I would have the equivalent of about 24 pension years in my DB plan plus a larger sum of money.