Steps to take when DB Pension is wound up

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rheinie

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I have just been informed today that our DB pension scheme is in a wind up process.What steps should I take now or should I just wait until Mercer has gone through this process and will they inform me of my entitlements and what course of action to take.Thanks.
 
You'll be quoted a transfer value and will be able to transfer it into your current Occupational Pension Scheme (if applicable), a Buy Out Bond or, if you have less than 15 years' scheme service, a PRSA. With the latter two options, you're free to shop around for best terms.
 
Thank you for reply.Position is dont have a scheme to transfer into so that rules that out .Have more than the 15 years so only option is Buy Out bond.
So where does one buy this Buy Out bond, and where and what is it invested in?.
 
All the life companies in Ireland provide buy out bonds, in effect it is a single premium pension policy, with some minor differences. They all offer different terms and prices. You may wish to consider getting your adviser to compare the market to ensure you are getting a good value product - the differences can be striking. Likewise check what your trustees offer to make sure you are getting value.

Once you have purchased your buy out bond, it can be invested in any of the funds that the life company offers, you may wish to consider what investment strategy suits your needs best. Your trustees or an adviser can help with this.
kind regards
 
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