I am trying to calculate the pension I may be entitled to when retiring from the public service using the online Modeller. As I work in a job-share position I wonder if I am correct in using the full time salary for this job and then half the number of years (given the part-time nature). Only a couple of years left to retirement.
My HR dept have used the part-time(job-share) salary in their calculations multiplied by the half the number of years i.e. 16 years service but as it is a job-share this works out at 8 years service. Obviously this provide totally different figures so I need to know who is correct.
In a related matter - I would also draw attention to the position I find myself in regarding AVCs as a warning to others!!
I have been paying into AVCs via the IMPACT scheme for several years now. However, as I will not have GUARANTEE income (only pensions considered guaranteed apparently) of at least €12,700 at 65yrs, all my contributions MUST go into an AMRF and then I cannot access this money until I reach 75 years!!!! So it is effectively locked away. If I can reach the 12,700 level of pension income, which may be possible once I receive the contributory old age pension at age 66, I then have the option to transfer to an ARF and can then draw down on it.
QUESTION - would I be better to stop my AVC contributions now (paying in about €400 per month) and opting to save the same amount in State savings while also withdrawing some of my AVCs under the Government scheme which allows early withdrawals. Appears this is one way of accessing it.
I know there are tax advantages in AVCs at present but as I will be paying tax at the higher rate when I retire anyway, perhaps I would be better off taking the money now and pay the tax now.
Sorry for the long winded post but it is difficult to explain. Thanks in advance.
My HR dept have used the part-time(job-share) salary in their calculations multiplied by the half the number of years i.e. 16 years service but as it is a job-share this works out at 8 years service. Obviously this provide totally different figures so I need to know who is correct.
In a related matter - I would also draw attention to the position I find myself in regarding AVCs as a warning to others!!
I have been paying into AVCs via the IMPACT scheme for several years now. However, as I will not have GUARANTEE income (only pensions considered guaranteed apparently) of at least €12,700 at 65yrs, all my contributions MUST go into an AMRF and then I cannot access this money until I reach 75 years!!!! So it is effectively locked away. If I can reach the 12,700 level of pension income, which may be possible once I receive the contributory old age pension at age 66, I then have the option to transfer to an ARF and can then draw down on it.
QUESTION - would I be better to stop my AVC contributions now (paying in about €400 per month) and opting to save the same amount in State savings while also withdrawing some of my AVCs under the Government scheme which allows early withdrawals. Appears this is one way of accessing it.
I know there are tax advantages in AVCs at present but as I will be paying tax at the higher rate when I retire anyway, perhaps I would be better off taking the money now and pay the tax now.
Sorry for the long winded post but it is difficult to explain. Thanks in advance.