Using a fixed amount such as €30k to buy added years still means that the Employer is taking the funding risk as it is only when you get to retirement that the real cost emerges (the annuity cost). So it would not have been possible for your Employer to know for certain how many years the €30k would buy. Thus it was invested into a DC.
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.
So as I understand it you have 2 problems:On further investigation I am now being told that my €30k was put in to my company DB plan but as a DC contribution. Is it possible for a company plan to be both a DB plan and a DC plan at the same time? Units in the fund were never actually purchased for me.
Nine years after being in the above DB plan, supposedly as a DC plan, units in a fund were eventually purchased for me.
Does this seem strange?
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