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Defined Benefit vs DC Pension

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  • 31-03-2014 8:31pm
    #1
    dubliner_8
    Registered Users Posts: 14 ✭


    I have been given the option of joining a DB or DC pension scheme in work. This is the last opportunity to join the DB scheme after which it will close to new members. This apparently will ensure it meets the minimum funding requirements into the future.
    With the state of most DB schemes in the private sector at the moment I am a little hesitant to sign up.
    Any opinions welcome.


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


    Sign up for the DB scheme. Chances are that at some stage in the future (long before you reach retirement age) your accumulation of service under the DB scheme will stop and you will be moved over to a DC scheme but your benefits under the DB scheme will be preserved. As long as it's there and open to you, I'd sign up for the DB scheme.

    There are new rules in place which ensures that a meltdown which wipes out benefits for serving and deferred DB scheme members will not happen as it did in Waterford Glass.


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