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    Purchasing NSP with AVC

    Slim, I do not have a specific link to the provision but the final paragraph of the text in this link shows that it can and has been done [broken link removed] I have assisted a small number of clients to do this myself and have met clients who have already completed a transfer. The transfer...
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    Purchasing NSP with AVC

    Cord, it is possible to use your AVC to purchase NSPs. There would be no tax implications in the purchase as relief is the same for both products and has already been applied to your AVC. You would need to contact your employer for a quote for each year of purchase & contact your AVC provider to...
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    AVC query for semi state pre 1995

    It depends on a number of factors, but as the person is missing 9 years service at 65 or 15 years at 60 then there is scope to at least bridge the gap in their tax free lump sum using a PRSA AVC/AVC. Whether it is worth doing more than this would require further analysis as they do not meet...
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    A few questions about preserved benefits

    In this case preserved entitlements are due at 60. No as 60 is normal retirement age. With 10/20 years service they would get the equivalent of 1/4 or 1/2 of the maximum lump sum but would not get 1/4 or 1/2 of the maximum pension as benefits in this situation are calculated on net...
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    Notional Service Purchase offer - query about previous pension

    Also just one other point in relation to your comment "I think I'll go ahead with the NSP, but maybe look at other more diverse investments for any other savings I may have." Contributions to NSPs and AVCs are not mutually exclusive - you can do both at the same time if you have scope and if it...
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    Notional Service Purchase offer - query about previous pension

    dbyrne12, you only need to answer that question if you have completed any other years of service in the Irish state superannuation scheme. If for example you had 3 years service in the civil service then these can be 'transferred' to the secondary teachers superannuation scheme and thus would...
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    Contributing to a pension as a 20% taxpayer, PRSA & PRB charges

    Hi Kelloggs, In response to your queries: 1) Is it worth contributing to a pension if you’re in the 20% tax bracket? This depends on what tax and USC you are likely to pay when you draw down your benefits. Depending on your pension arrangements you are likely to draw down some of the...
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    Pension scheme wind up?

    Peter, You should in due course receive an Options Form where a number of choices are laid out for you (depending on your individual circumstances - age, number of years service with the company etc). The options are typically to transfer the funds into a 'private' fund -a retirement...
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    Genuine Query re: recent announcement in public pensions

    WaterSprite, Pension payments in the private and public sector are taxed at the same rates. Retired public servants currently pay a 'pensions levy' which is applied at different rates depending on their salary. A new higher level of 20% looks as if it to be introduced and will be applied to...
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    Teachers AVC Plan with Irish Life

    Bedlam, You can't transfer your AVC to a vested PRSA. Your AVC has been set up under the rules of the main superannuation scheme and as Conan mentioned benefits must be drawn down at the same time as the main scheme - top up tax free lump sum/purchase service/balance in A(M)RF/annuity/taxable...
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    Teacher early retirement, query lump sum, tax situation?

    Yes Casio, both options are effectively the same for tax relief purposes. You would get tax relief on the deduction of the PCW bill from your lump sum as this is a compulsory bill. In this situation though it would be easier to use the money in your AVC fund as you will have already had tax...
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    AVC Where to place

    Dear Oldtimer, An AVC fund cannot be 'cashed in' as it is a pension product and is therefore only accessible at retirement. The decision on whether to continue contributing to it and if so what to invest the contributions in is affected by a number of factors. In particular it is vital to...
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    Maximising Pension

    Mini3277, Your colleague really only has 3 options to top-up her pension. She can make contributions to her union-endorsed AVC, an advice based PRSA AVC via a broker (i.e. following a consultation) or via an execution-only PRSA AVC from a discount broker. From an estate planning perspective...
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    Teacher forced by Cornmarket to take Life insurance as part of salary protection.

    Whattheheck, Cornmarket are perfectly entitled to do this as they would have negotiated the structure of the policy with your union. At the moment all you can do is to contact your union to request that next time the contract between themselves and Cornmarket is renewed, that the Life cover...
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    Spouse and children deduction from lump sum

    Redwood Park, You should be able to claim tax relief on your bill, possibly at the highest rate judging by your salary. This would make a significant dent in the bill. Regards, Andrew http://www.squaremile.ie
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    Maximising pension with 4 months to go

    Jaded68, It is likely that he will qualify for a pro rata contributory pension and as the previous posters have mentioned he needs to check this out with the DSFA. This is off topic but may be beneficial for your colleague: Assuming he started work in the public sector in 1973 he should...
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    Cornmarket AVCs or PRSA AVCs

    T&C, The answer to your question depends on the contribution rates and annual management charges. With the Cornmarket AVC you are likely to be charged a 4% contribution charge, a 1% annual management charge and of course the set-up fee of approximately €450 - €495 depending on when you...
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    Teachers Pension questions

    Memento, It is unlikely that his lump sum would be affected because as Slim pointed out it is likely that there will be a €200k threshold before any lump sum is taxed. Therefore in my opinion it would not be a wise move to retire now on purely financial terms. Even if the lump sum were taxed...
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