Approaching retirement: Public Service Pension advisor required (Cork

jimbobwalton

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A friend of mine is due to retire v soon...my advise to them was to get independent advice on pension etc..Can anyone recomend someone in the Cork area who would know about public sector pensions etc

Thanks
 
Re: Pension advisor required

does your friend have full service? if he or she does then their retirement is straight foward regarding penison etc
 
Re: Pension advisor required

No..they dont..they have years missing and they also have an avc so they need advice
 
Re: Pension advisor required

Not sure what sort of pension advice is being sought.

Human resources should be able to detail what pension they are entitled to, and about buying added years by a lump sum on retirement.

Many public bodies have a pre-retirement course where there will be someone who can answer questions on pension products.

Most Unions have an agreement with a company with whom members can get AVCs but they also have products where you can buy a pension with a lump sum on retirement. Cornmarket I think deal with several Unions - but several posters here consider their charges high (although I suspect many of the pension providers have excessive charges).
 
Re: Pension advisor required

Human resources should be able to detail what pension they are entitled to, and about buying added years by a lump sum on retirement.

The sad fact is that good quality advice is often not available from the HR departments of Public Service organisations.

As you say some trade unions have "tied" arrangements with certain providers so the advice from this quarter may good but may not be independent.

There was a poster here a few months ago who was promoting his services as a public service pension advisor. If I can find it Ill post a link.

I have posted many times here over the last eight years about the lack of qood quality independent professional advisers who understand public service pension schemes, their interaction with prsa's and related taxation issues.

Heres one I googled: I know nothing about them:PSRA - Independent Financial Advice to the Public Sector
 
If jimbobwalton's friend has less that 40 years service but retiring at 60 or later, wouldn't it be normal to maximise tax free lump sum @ 1.5 times final salary (as long as has at least 20 yrs equiv full time service) from AVC proceeds & use the bal to either buy annuity if income needed or ARF the balance if friend wants to draw down flexibly?
 
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