diceyreilly
Registered User
- Messages
- 38
I'm an ex employee of a pension fund as above. Details are as follows:
PRESERVED PENSION ENTITLEMENT
AS AT 17 October 2017
Details
Date of Birth 1963
Date of Joined Scheme 02/1996
Date of leaving 04/2003
Normal Retirement Date (NRD) 2028
Preserved Pension at date of leaving €6,186.00 p.a.
The preserved pension at date of leaving has been re-valued in line with the terms that you left the company and the revaluation percentages prescribed by the Minister for Social Protection under the provisions of the Pensions Act 1990
Nominal impact, of the annual Government
Pensions Levies applied to date (2011 to 2015 Incl.) €112.00 p.a.
Current value of your preserved pension (Payable at NRD) €6,074.00 p.a.
A dependant’s pension of 50% of the member’s pension is automatically payable to the spouse to whom a member was married at date of death and date of leaving service.
Please note that the above figures do not take into account any pending Pensions Adjustment Orders that may be applicable.
You have the option of leaving your benefits preserved in the Pension Fund until your Normal Retirement Age or you may transfer them to another approved pension arrangement or to an approved insurance policy or bond.
Current transfer value as at 17 October 2017 €74,905.00
On Retirement, your pension will increase in line with CPI to a maximum of 5% per annum. There is an overriding provision that the cumulative increases granted since retirement cannot be greater than the increase in inflation.
The scheme is funded by contributions paid by the employer and members. Actuarial advice will have been obtained when setting those contributions. However, there is no guarantee that the scheme will have sufficient funds to pay the benefits promised. It is therefore possible that the benefits payable under the scheme may have to be reduced. If the scheme is wound up and there is a deficit, the employer may not be under an obligation to fund the deficit or, even if the employer is under such an obligation, the employer may not be in a position to fund the deficit.
Notes:
The trustees updated in September 2015 that as at 30 June 2015 the funding level was at 92% excluding the Funding Standard Reserve or 84% including the F.S.R.
It aims to restore to the Funding Standard by end 2020 by:
33.7% of defined benefit pensionable salary roll.
An added fixed lump sum of €2 million each year
The Funds assets will be transferred from equities to long dated bonds.
My Queries on this Pension:
I have been told by a broker that I can transfer to a Personal Retirement Bond allowing me to receive a tax free lump sum of 25% of approx.€74905 and a monthly gross income of approx €190 per month.
or
Should I not touch pension till normal retirement age as above?
On the basis of the 2015 update should I leave as is till after 2020 when the extra funds will be fully absorbed.
I've heard other pension funds within the company have offered an "uplift" to their members transfer value sometimes doubling the amount and should I write to look for an uplift?
Have the trustees decided to meet targets to restore to Funding Standard instead of uplifting transfer values to members to allow them transfer out of the fund?
Apologies if this is long winded but knowledge of this area is limited and I appreciate any comments.
PRESERVED PENSION ENTITLEMENT
AS AT 17 October 2017
Details
Date of Birth 1963
Date of Joined Scheme 02/1996
Date of leaving 04/2003
Normal Retirement Date (NRD) 2028
Preserved Pension at date of leaving €6,186.00 p.a.
The preserved pension at date of leaving has been re-valued in line with the terms that you left the company and the revaluation percentages prescribed by the Minister for Social Protection under the provisions of the Pensions Act 1990
Nominal impact, of the annual Government
Pensions Levies applied to date (2011 to 2015 Incl.) €112.00 p.a.
Current value of your preserved pension (Payable at NRD) €6,074.00 p.a.
A dependant’s pension of 50% of the member’s pension is automatically payable to the spouse to whom a member was married at date of death and date of leaving service.
Please note that the above figures do not take into account any pending Pensions Adjustment Orders that may be applicable.
You have the option of leaving your benefits preserved in the Pension Fund until your Normal Retirement Age or you may transfer them to another approved pension arrangement or to an approved insurance policy or bond.
Current transfer value as at 17 October 2017 €74,905.00
On Retirement, your pension will increase in line with CPI to a maximum of 5% per annum. There is an overriding provision that the cumulative increases granted since retirement cannot be greater than the increase in inflation.
The scheme is funded by contributions paid by the employer and members. Actuarial advice will have been obtained when setting those contributions. However, there is no guarantee that the scheme will have sufficient funds to pay the benefits promised. It is therefore possible that the benefits payable under the scheme may have to be reduced. If the scheme is wound up and there is a deficit, the employer may not be under an obligation to fund the deficit or, even if the employer is under such an obligation, the employer may not be in a position to fund the deficit.
Notes:
The trustees updated in September 2015 that as at 30 June 2015 the funding level was at 92% excluding the Funding Standard Reserve or 84% including the F.S.R.
It aims to restore to the Funding Standard by end 2020 by:
33.7% of defined benefit pensionable salary roll.
An added fixed lump sum of €2 million each year
The Funds assets will be transferred from equities to long dated bonds.
My Queries on this Pension:
I have been told by a broker that I can transfer to a Personal Retirement Bond allowing me to receive a tax free lump sum of 25% of approx.€74905 and a monthly gross income of approx €190 per month.
or
Should I not touch pension till normal retirement age as above?
On the basis of the 2015 update should I leave as is till after 2020 when the extra funds will be fully absorbed.
I've heard other pension funds within the company have offered an "uplift" to their members transfer value sometimes doubling the amount and should I write to look for an uplift?
Have the trustees decided to meet targets to restore to Funding Standard instead of uplifting transfer values to members to allow them transfer out of the fund?
Apologies if this is long winded but knowledge of this area is limited and I appreciate any comments.
