I'm working in a company since 15.9.1994, currently earning a salary of 2745 a month. I also usually get 2.5 month of bonus every year where the saving paln is deducted. Recently, the company offered to change retirement benefit plan. The new plan is called "Plan A" and the existing plan is "Plan B". Compulsory retirement 2028.
Plan B has
RBTF - 2.5 x LSD x QS (will get it only after retirement) will lose if fired or company bankrupt.
Saving Plan (can only withdraw after retirement)
my contribution 11% (of salary)
Upon retirement the company will take back all their contribution except dividend (minus from RBTF - they cannot touch saving plan).
LDS - Last Drawn Salary
QS - Qualifiying Service
Plan A (the new scheme)
RBTF - will be calculated up to 30.6.09 (2 x 2745 x 14) - (minus employer contribution), the remainder will be kept in trust fund without any interest and payable upon retirement (again if fired, its gone).
my contribution 11%
I would like to know which one is better.