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Defined benefit pension

  • 15-10-2016 10:56pm
    #1
    blowin3
    Registered Users Posts: 477 ✭✭


    I have paid into DBP for nearly 30 years and was made redundant in 2014 and pension was deferred. I have requested a pension statement and they have not replied to my request. Do I have a right to a statement and is there anything I can do if they keep ignoring my request. The company is a world wide multinational.


Comments

  • #2
    coylemj
    Registered Users, Registered Users 2 Posts: 25,476 ✭✭✭✭coylemj


    If you're getting nowhere with your former employer then your next port of call is the Pensions Authority.

    On their website ( http://www.pensionsauthority.ie/en/Publications/Information_Booklets/ ) they have a series of booklets (PDF downloads) and the one I'd suggest you take a look at is entitled 'How does my pension scheme work?' where (on p.11) it states ....

    No matter who looks after the day-to-day running of the scheme, trustees are still responsible for making sure that members can get full information about the scheme and their own entitlements.

    and on p.13 ....

    What information should I be receiving about my pension?

    No matter what type of pension scheme is provided, by law trustees must provide certain information about the operation of the scheme.

    There are different types of information that trustees must provide, including:
    • legal documents;
    • basic scheme information;
    • individual member information;
    • details of your pension investment choices, if any; and
    • reports on the running of the scheme and its financial position


  • #3
    bridster007
    Registered Users, Registered Users 2 Posts: 417 ✭✭bridster007


    Who did you request it from ?
    Employer is not obliged to deal with your request but many will.

    You need to ask the Scheme Administrator ( typical companies include Mercer, Aon, Willis Towers Watson) , quoting your scheme number and membership number. Your scheme admin will be on the last documents you received.
    Else you can request directly to a Trustee. They are the responsible party.
    No need to involve the PA until you have exhausted this route. Think they have 2 months to issue it.
    Mercer tend to be very slow.

    Deferred members are not entitled to an annual statement by right, only by request.

    It will not tell you much more than your last statement, value will have been updated by the annual revaluation set by Dept of SW.
    You should also request a copy of the Trustee Annual Report and last actuarial report if you want to see a fuller picture of the scheme standing.


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