divadsnilloc
Registered User
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I have been contributing to a DB fund for past 30 years and I have now contributed more in contributions than my final pension lump sum will be.
I have another 17 years to go before I reach 65 and based on current rates I will contribute another €88k to the fund without any increase in benefits. The maximum pension I can receive is 40/80ths of my salary and in fact when I am 58 I will have made 40 years contributions and the remaining 7 years contributions, until I reach 65, is dead money for me because of above max. of 40/80ths.
I have been told that it is a condition of my employment that I have to remain in the DB fund but surely there must be a way around this. Who in their right minds would agree to contribute another €88k without any return whatsoever?
Any advice?
I have another 17 years to go before I reach 65 and based on current rates I will contribute another €88k to the fund without any increase in benefits. The maximum pension I can receive is 40/80ths of my salary and in fact when I am 58 I will have made 40 years contributions and the remaining 7 years contributions, until I reach 65, is dead money for me because of above max. of 40/80ths.
I have been told that it is a condition of my employment that I have to remain in the DB fund but surely there must be a way around this. Who in their right minds would agree to contribute another €88k without any return whatsoever?
Any advice?
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