Sunday May 31, 2020

Time to get real about what the funding standard means

Defined benefit pension scheme trustees need to be upfront and honest with pension savers, writes Willie Holmes.

29th June, 2013
Defined benefit pensions can be complicated -- so trustees need to explain risks to holders clearly. Photo: Thinkstock

Meet John, a typical member of a defined benefit pension scheme. He's nearing retirement.

*I'm turning 60 this month and, incredibly, I am within sight of my retirement at age 65. I have worked with this company for the past 30 years. I earn a good salary of €58,000 annually and I look forward to a reasonable pension of €20,000 per annum for my service to date.*

*Hopefully I will clock up another five years' service by 65,...

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