Wednesday April 8, 2020

Incentives will be offered to quit DB schemes

Experts predict members will be offered so-called enhanced transfer values

11th December, 2016
Jim Connolly, head of pension and technical services in Goodbody’s wealth management division

Tens of thousands of people could see their retirement income slashed in 2017, with pension experts predicting that an increasing number of defined benefit pension schemes will offer scheme members enticements to quit the pension scheme.

Defined benefit pensions, which offer a promise to workers from their employer of a specific level of retirement income based on their salary and years of service, are a major cost for employers, and have dwindled significantly in recent years.

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