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As far as I am aware you cannot contribute to the AVC linked to a PS employment when you leave that employment

Actually I am wrong, I just checked the HSE pensions handbook (https://assets.hse.ie/media/documents/Superannuation_Scheme_Information_Booklet_V1.2_Oct_23.pdf) it is final salary on last day of service unless there has been a promotion in past 3 years. Pension in based on full-time equivalent so...

A situation not too dissimilar to my own wife's. To calculate lump sum and pension you need to figure out how many years reckonable service she has. Looks like 20 years full-time and 5 years at approx 80% which equates to about 24 years so far. Since she is pre-2004 pension then she can retire...

Great thanks @AAAContributor

Sorry @DannyBoyD I couldn't find anything about the SFT in the Key Post. I realise that the Irish State Pension does not count towards the SFT but I assumed the UK State pension might.

Just wondering

It's quite difficult to find information on PAY and how they are calculated. A recently retired colleague with 30 years PS service at age 65 applying for PFAs was advised by their HR department to only apply for 9 years instead of 10 because they had a previous pension from another employment...

I thought class D public servants do not receive state pension?

Retire at 60 with a PS pension of 32k and take 10k per year from ARF to bring you to 42k which means you pay no tax at 40%. Presumably the 40% cut-off will rise in coming years so you could just keep topping up your PS pension with the ARF to ensure you are always at the cut-off

Very interesting idea...I guess you won't know for 7 years. Hopefully, someone on the forum will have tested this before then.

Thanks for the reply Dave...Apologies I forgot to mention that I am currently taking a salary of less than 42k from the company as I am only part-time so strictly speaking would this still be seen as salary sacrifice if I have never earned more than 42k (albeit part-time)? I will definitely seek...

Dave would you mind explaining the restrictions that apply with a Master Trust.....Recently my pension provider for my Ltd company changed everyone's PRSA to a Master Trust (it is 5% personal contribution and 5% employer). I am considering going full time with my company and was planning on...

thanks Conan

Theoretical scenario......if I left the PS in May 2024 and I wish to pay a lump sum into AVC for 2024 then presumably this can only be done whilst I am still a member of the PS? That is I wouldn't have up to OCT 2025 to pay into AVC? Also, presumably the max I could contribute for 2024 would be...

Thanks Dave, got it

Apologies for bumping this thread but, Dave, would you mind clarifying the first line here....if I have both public and private sector employments and the public sector salary is greater than 115k then I cannot continue contributing to my private sector PRSA? Does it make a difference if my...

Yes the €547 increases with public sector wage agreements so probably a bit less than inflation. Its 50% spouses pension. Also worth considering that the notional service in this case would bring total reckonable years to 20, thus allowing 120/80th TFLS top up by AVC, so here perhaps a...

My wife just received a quotation for purchasing 1 year NS with exactly 4 years remaining (retiring at 60). Her salary is € 71,456 and she started working in the PS in 1999. Lump sum cost = € 18,221. Annual cost € 4,612. This would equate to an additional annual pension of € 547 and additional...

I would say yes because she can top up her lump sum part at 80% cost (tax free) and then take 100% back in 4 years tax free. The amount she could put into an AVC to top up her lump sum will depend on her pensionable service when she retires and is based on the table here page 3...

Starts off saying that no PS worker should pay into AVC when they have the option of NSP as there is no stock market risk etc with NSP. He claims that most PS workers don't know about NSPs (which I find hard to believe) because 'no-one makes any commission from them'. He challenges PS workers to...