Pension Entitlement

Cork81

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

Henry Ford III

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

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.

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).

Henry Ford III

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

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.