How much is the partner pension at Big 4 firms? How many years do you get paid for?

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I am EY and part of the old pension; the one that is funded. Someone will have to explain the new pension. I am 50, so there are still a lot of EY partners under this pension. I think the new pension came in 5 years ago. For my pension they take the 3 highest grossing years out of your last 5 years at the firm. If the average of those years is more than $1.1M then they cap it at $1.1M. You are basically paid a 1/3rd of that for I believe 15 years. It goes down slightly if you elect for it to be paid as long as you or your spouse live, which is what I will do so I will make around $350K for mine and my wife’s life under the pension. You can also elect to be paid a lump sum. You can start to collect the pension at 58 (if you retire then or earlier).

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The pension at pwc is similar if you were a partner before the merger in 1998. They changed it big time then.

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I’ve heard it is 1/3 of the average of your three highest paid years or something like that. As the saying goes, money won is twice as good as money earned. So it’s a healthy amount. EY is the only big 4 with a fully funded pension though.

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