Moving to DB

A

apd

Registered User
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Hi,

I joined a company 8 months ago which provides a Defined Benifit pension scheme. I'm 30 years old. I have a fund of 70000 (until a fortnight ago when the markets went down) in a Defined Contrib scheme with my old job.
So I have 35 years to go until retirement.

I have been given the option to leave it there or transfer it to my new employer.

I would like to bring it with me but obviously cannot put it in the new DB fund as that would just be subsidizing my new employer, who has to make up the shortfall come retirement anyway.

Any ideas? Can it go into an AVC fund in my new scheme? With such a long time till retirement is there any point in making AVCs in a DB scheme?

Thanks
 
Your DC fund would not be used to subsidise the company or other members!!

It would be invested on a DC basis OR it would be used to buy added years.

I presume that the €70k fund is not just AVCs it probably includes normal employee and employer contributions in your previous employment?
 
yes it includes my previous employer contributions, my manditory employee contributions plus AVCs.

Would i have to pay exit charges from my old scheme and entry fees into my new one when transfering this money?
 
Those questions are "plan specific" questions that you would need to address to the consultant to your old employer plan and the consultant to your new employer plan.
 
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