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Pension Entitlement

  • 09-11-2021 10:09pm
    #1
    Cork81
    Registered Users Posts: 15 ✭


    Hi there.

    Helping my Mother out with a pension query. She worked for Bank of Ireland for approx. 8 years back in the 1980s and is now approaching pension age. Would she be entitled to a pro rata pension based on this service time or how does it work.

    Thanks



Comments

  • #2
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,739 Mod ✭✭✭✭Henry Ford III


    Possibly. She needs to contact BOI to find out for sure.



  • #3
    Kalimah
    Registered Users, Registered Users 2 Posts: 1,234 ✭✭✭Kalimah


    I worked for B of I from the early 80s too - in those days the women didn't pay into the pension at all, but later on got the option to join the scheme. Not sure if that will have a bearing on the OPs mother's situation at all?

    I had only a few years contributions when I left in 1993, but amalgamated those with another employer's scheme.

    Let us know how your mother gets on OP.



  • #4
    coylemj
    Registered Users, Registered Users 2 Posts: 25,479 ✭✭✭✭coylemj


    Two things may be against her.....

    1. There may have been a minimum period of service required before her pension rights became 'vested'. If there was a non-contributory scheme in place and she didn't meet the minimum service, she would have no preserved entitlements.
    2. If she got married during her service and accepted a marriage gratuity, it will have a negative effect on any entitlements. A member of my family worked for one of the banks for 30 years, got married during her service and continued to work without a break to retirement. She was not pleased when she discovered that accepting the marriage gratuity reduced her pension.

    I wouldn't hold my breath but tell her to contact the bank or the Financial Services Union (formerly the IBOA).



  • #5
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,739 Mod ✭✭✭✭Henry Ford III


    I've yet to see a period of 8 years service for pension rights to be vested.



  • #6
    coylemj
    Registered Users, Registered Users 2 Posts: 25,479 ✭✭✭✭coylemj


    https://www.boards.ie/discussion/comment/118150577#Comment_118150577

    I worked for a multinational (household name) company which had a non-contributory scheme. Your rights did not vest until 10 years service.



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