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Closure Defined Benefit Pension Schme

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  • 26-04-2013 9:05am
    #1
    dewdrop
    Registered Users Posts: 265 ✭✭


    I worked in a bank with a defined benefit pension which was in force when i retired many years ago. Since then i think it has been closed to new members. I continue to get my pension based on the DBS. I think there is a suggestion that the law should be changed/considered where if a DBS was being wound up existing pensioners would not get priority which they now enjoy. In such an event of new legislation would it apply to existing pensioners or be confined to future pensioners...recent Waterford Glass ruling has made me think about this whole issue.


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    #2
    coylemj
    Registered Users Posts: 25,437 ✭✭✭✭coylemj


    dewdrop wrote: »
    I think there is a suggestion that the law should be changed/considered where if a DBS was being wound up existing pensioners would not get priority which they now enjoy. In such an event of new legislation would it apply to existing pensioners or be confined to future pensioners...recent Waterford Glass ruling has made me think about this whole issue.

    The answer is that nobody knows until a bill is introduced to change the existing law but the last time a proposal was mooted, it suggested that existing pensioners would be protected up to I think it was €30,000 p.a. after which everyone would have the same status.

    If applied retrospectively to the Waterford Crystal pension fund, it would have involved pensioners on >30K taking a cut in return for a less severe haircut for the people still working and former workers with preserved benefits.


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