P
probe
Guest
The Pensions board says:
"If you are not entitled to a specified income of
"If you are not entitled to a specified income of
€12,700 a year, which can include your State Pension, then you must set aside an amount of €63,500 to buy an annuity (pension) or else invest it in an AMRF"
The State pension is 230 per week or 11,960 per year. So if I have TWO pensions, one of which pays at least 740 per annum (before tax?) I can put the other in an AMRF.
But if I just have one pension from one employer, then there is no way I can meet the 12,700 a year target. Why set a target just above the State level; it looks a rather tantalising "you can't have it" figure.
Unless I split the pension fund: put one amount in an annuity to earn 740/year and the rest in the AMRF? That sounds rather convoluted.
It's not clear to me:
Is the 63,500 a minimum amount? That is if the second pension fund is less than 63,500 I must buy an annuity. not an AMRF?
If I do buy an AMRF with at least 63,500 then I get say 4% interest (a figure I saw on some other thread) on that and the ability to get at the capital after age 75?
Sure sounds a lot better than an annuity which is dead money.
The State pension is 230 per week or 11,960 per year. So if I have TWO pensions, one of which pays at least 740 per annum (before tax?) I can put the other in an AMRF.
But if I just have one pension from one employer, then there is no way I can meet the 12,700 a year target. Why set a target just above the State level; it looks a rather tantalising "you can't have it" figure.
Unless I split the pension fund: put one amount in an annuity to earn 740/year and the rest in the AMRF? That sounds rather convoluted.
It's not clear to me:
Is the 63,500 a minimum amount? That is if the second pension fund is less than 63,500 I must buy an annuity. not an AMRF?
If I do buy an AMRF with at least 63,500 then I get say 4% interest (a figure I saw on some other thread) on that and the ability to get at the capital after age 75?
Sure sounds a lot better than an annuity which is dead money.