aamstudent
Registered User
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- 50
Hi,
I have a smallish DB pension from a past employment. I am within a few months of hitting the retirement age for that pension and I am waiting on the pension administrators to send me info regarding my options.
There seem to be essentially two choices – (i) to take a pension of about €11.75K pa or (ii) take a transfer value of about €204K.
I also had about €50K in an AVC connected to that pension.
If I take the transfer value, the option seems to be to buy an annuity on either my life or a joint annuity on mine and my wife’s lives.
There is also a pension payable to spouse in event of my death – that would be 100% of €11.75K if I die within the first 5 years of retirement, dropping to 50% after that.
What should I be looking at in terms of making a decision? What are the key factors to take into account? And are there any pitfalls?
TIA
I have a smallish DB pension from a past employment. I am within a few months of hitting the retirement age for that pension and I am waiting on the pension administrators to send me info regarding my options.
There seem to be essentially two choices – (i) to take a pension of about €11.75K pa or (ii) take a transfer value of about €204K.
I also had about €50K in an AVC connected to that pension.
If I take the transfer value, the option seems to be to buy an annuity on either my life or a joint annuity on mine and my wife’s lives.
There is also a pension payable to spouse in event of my death – that would be 100% of €11.75K if I die within the first 5 years of retirement, dropping to 50% after that.
What should I be looking at in terms of making a decision? What are the key factors to take into account? And are there any pitfalls?
TIA