Hi - the company I work for is closing the DB pension scheme pleading inability to maintain. They have offered the remaining members a transfer value to the DC scheme. The issue is that I believe that the transfer value is too low and as such would not be able to deliver the benefits that had been earned under the existing scheme - i.e. I believe the transfer value offered is only 50% of what it would cost to cover the benefits earned based of the calculations in my last benefit statement. My understanding is that there is a rule of thumb that states that for every €1000 of pension, requires a fund of €20,000.
i.e. if you have a pension of €10,000 this requires a fund of €200,000
Any advice on what are my options to challenge the company and this evaluation ?
i.e. if you have a pension of €10,000 this requires a fund of €200,000
Any advice on what are my options to challenge the company and this evaluation ?