In my previous job we were signed up to a defined benefit pension, as well a separate defined contribution pension.
I got a letter in the post today with the closing statement of the DB pension. I was with the company for 4 years, and looking at my annual statements I couldn’t figure out what the current value of it was, it looked like it was about €2000.
Anyhow, the letter today states I can transfer it at a value of €16,822 (which isn’t guaranteed)
Or keep it and have a projected payable rate of €2,246 p.a. from normal retirement date.
Am I right in guessing that I would be getting €2,246 p.a from age 65 to ~95? If I live that long!
That’s looking like a value of €67380 total.
I currently have 3 other DC pensions from different companies that I’m happy to keep separate so I have the option of cashing in before retirement if needed, and my current and 4th DC pension with the company I’m in now and hopefully will stay with.
If I was to transfer it would be into the current Aon high risk passive equities, one which I plan on investing my max allowable and company contributions which is ~€15,000 p.a so I’m expecting this to be the main pot. Projected growth is over 6% a year, and I’m 37 which gives me about 30 years of investing, all going well.
Would my DB pension have a better chance of growth if it was merged into my current pension or does it even work that way?
Any advice appreciated
I got a letter in the post today with the closing statement of the DB pension. I was with the company for 4 years, and looking at my annual statements I couldn’t figure out what the current value of it was, it looked like it was about €2000.
Anyhow, the letter today states I can transfer it at a value of €16,822 (which isn’t guaranteed)
Or keep it and have a projected payable rate of €2,246 p.a. from normal retirement date.
Am I right in guessing that I would be getting €2,246 p.a from age 65 to ~95? If I live that long!
That’s looking like a value of €67380 total.
I currently have 3 other DC pensions from different companies that I’m happy to keep separate so I have the option of cashing in before retirement if needed, and my current and 4th DC pension with the company I’m in now and hopefully will stay with.
If I was to transfer it would be into the current Aon high risk passive equities, one which I plan on investing my max allowable and company contributions which is ~€15,000 p.a so I’m expecting this to be the main pot. Projected growth is over 6% a year, and I’m 37 which gives me about 30 years of investing, all going well.
Would my DB pension have a better chance of growth if it was merged into my current pension or does it even work that way?
Any advice appreciated