Hi All,
I have been offered a new job which i am very exited about, however the new company operate a defined contribution pension which is 5% employer funded. The scheme with my current employer is defined benefit with 10% employer contribution ( I've been enrolled in this for 8 years and i have 33 years until retirement).
Even though the new employers contribution is smaller then the current, the overall package is still better. My question is
1. How valuable is a defined benefit pension
2. Are there any pit falls i should watch out for moving from DB to DC
Thanks.
I have been offered a new job which i am very exited about, however the new company operate a defined contribution pension which is 5% employer funded. The scheme with my current employer is defined benefit with 10% employer contribution ( I've been enrolled in this for 8 years and i have 33 years until retirement).
Even though the new employers contribution is smaller then the current, the overall package is still better. My question is
1. How valuable is a defined benefit pension
2. Are there any pit falls i should watch out for moving from DB to DC
Thanks.