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moving from DB pension to DC pension, need advice

  • 16-05-2010 5:06pm
    #1
    mraie
    Registered Users, Registered Users 2 Posts: 97 ✭✭


    Have being in a non contributory defined benifit pension for 9 years and likely going to move jobs. The new pension would be a defined contribution where I contributed 5% or salary and the company the same.

    I have a few questions,

    1) Can I transfer the DB into the DC pension and is this worth doing

    2) How do I work out what the DC would be worth when I retire, i.e. what information do I need from the DC pension to work this out, tried this but not sure how good it is

    http://www.pensionsboard.ie/en/Pensions_Calculators/Sample_Pensions_Calculator.html


Comments

  • #2
    3DataModem
    Registered Users, Registered Users 2 Posts: 4,028 ✭✭✭3DataModem


    mraie wrote: »
    1) Can I transfer the DB into the DC pension and is this worth doing

    Yes you can do it.

    No it is not worth doing. It is possibly one of the worst financial mistakes you can make. UNLESS YOU ARE 100% SURE WHAT YOU ARE DOING, KEEP YOUR DEFINED BENEFIT PENSION AT ALL COSTS.
    mraie wrote: »
    2) How do I work out what the DC would be worth when I retire

    Ask the trustees of the new scheme for an illustration of benefits (you'll get one every year if you take out the pension). The pension board calculator isn't that bad BTW.


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