Foreverafter
Registered User
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I recently became redundant from my job after 27 years – the first 7 were full time and the remaining 20 were on a job-share basis. I received my ‘Statement of Pension Benefits on Leaving Service’ three months after leaving my job. This offers me two options on my Defined Benefit pension. The first is to defer my pension of Euro15,000 until my normal retirement date and the second option is to transfer the benefit – the amount is Euro276,000 approx. I am 53 years of age shortly and my pension is effective from 60. Which option should I choose? Obviously I would like the fund to grow but in a very safe environment.
Secondly, my annual pension statement going back as far as 2007 and from then on to 2015 has stated my deferred benefit at normal retirement date if service terminated on each particular year of the statement at a much more substantial figure than the amount quoted on my statement on leaving service which I received three months ago. The difference is large, e.g. my annual pension statement for 2015 quoted a figure of 23,720 p.a. versus the 15,000 on my actual statement once I had left service. I left my employment believing my pension at 60 would be 23,720 p.a. according to my 2015 annual pension statement. I now realise I should not have taken the annual statements at face value as this figure has been quoted incorrectly on all my statements going back as far as 2007. Do I have any case for appealing this error? I have called and emailed the pension fund administration as far back as June 5th and they still have not addressed the issue, only to say by email two weeks ago that they are looking into it.
I hope this is not too confusing and any advice would be most welcome.
Secondly, my annual pension statement going back as far as 2007 and from then on to 2015 has stated my deferred benefit at normal retirement date if service terminated on each particular year of the statement at a much more substantial figure than the amount quoted on my statement on leaving service which I received three months ago. The difference is large, e.g. my annual pension statement for 2015 quoted a figure of 23,720 p.a. versus the 15,000 on my actual statement once I had left service. I left my employment believing my pension at 60 would be 23,720 p.a. according to my 2015 annual pension statement. I now realise I should not have taken the annual statements at face value as this figure has been quoted incorrectly on all my statements going back as far as 2007. Do I have any case for appealing this error? I have called and emailed the pension fund administration as far back as June 5th and they still have not addressed the issue, only to say by email two weeks ago that they are looking into it.
I hope this is not too confusing and any advice would be most welcome.