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What do you think of this pension scheme?

  • 14-09-2009 10:58pm
    #1
    eman66
    Closed Accounts Posts: 602 ✭✭✭


    Seven years ago my wife joined a pension scheme at work with a well known Irish company.

    She is paying €21pw, deducted from her wages. The company pays the same.

    For this she gets

    On death in service a lump sum of €48000
    On retirement at normal retirement date an annual payment of €9900.
    On death after normal retirement date an annual spouse's pension of €5000.

    We have just taken out a joint whole of life death benefit only policy with another company for €220000.

    She remembers being told at the staff meeting seven years ago that if she cancels at any time the policy will have no value and she will forfeit all payments made to date.

    Should she keep paying or cancel and make better use of the €91 per month?


Comments

  • #2
    homer911
    Registered Users, Registered Users 2 Posts: 5,150 ✭✭✭homer911


    This is a strange hybrid DB/DC scheme. I woud start by getting full details of the scheme from the HR dept - she should have been given this upon joining the scheme. As a member of the scheme she should also be entitled to meet with a pension adviser FOC for independent advice.


  • #3
    eman66
    Closed Accounts Posts: 602 ✭✭✭eman66


    She has made an enquiry at work to arrange to talk to somebody.

    Just looking at the basic figures though, does it look like good enough value for the €91?

    She has been contributing for 7 years having started in her mid twenties. To me, who doesn't know very much about this at all, it doesn't look great tbh. €182 with the employer contribution.


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