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Whats an index 5% increase?

  • 24-03-2011 01:07PM
    #1
    kop77
    Registered Users, Registered Users 2 Posts: 820 ✭✭✭


    Hi, just wondering whats an index 5% increase or an indexation option is regarding a pension scheme. It was removed from my company pension a few years without my consent? I get the feeling I'm out of pocket.

    Thanks.


Comments

  • #2
    The Rooster
    Registered Users, Registered Users 2 Posts: 5,010 ✭✭✭The Rooster


    kop77 wrote: »
    Hi, just wondering whats an index 5% increase or an indexation option is regarding a pension scheme. It was removed from my company pension a few years without my consent? I get the feeling I'm out of pocket.

    Thanks.

    Indexation relates to a defined benefit pension scheme.

    Whatever the defined pension is at date of retirement it increases each year in line with inflation/CPI index.

    Obviously, it costs more to fund a pension with indexation built in.


  • #3
    kop77
    Registered Users, Registered Users 2 Posts: 820 ✭✭✭kop77


    The Rooster wrote: »
    Indexation relates to a defined benefit pension scheme.

    Whatever the defined pension is at date of retirement it increases each year in line with inflation/CPI index.

    Obviously, it costs more to fund a pension with indexation built in.

    Thanks, I'm wondering if the company I work for had the right to do that a year after I signed up for the pension before I confront them about it.


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