Hi all,
I am planning on retiring in 4 years time at age 57.75 I am a pre 2004 and post 2005 teacher with a retirement age of 60.
I will have approx. 35.5 years service which includes @ 8 years Notional Service Purchase.
I am currently paying into an AVC and aiming for the fund to reach approx. €50K by my retirement age at 57. I also have a DB pension from my first employment which will be approx. €9k PA.
This would give me a pretax pension of approx. €575 / week from 57 - 60. My AVC would be used up by 60 and a that stage I could start collecting my teaching pension.
My Question:
Can I retire from my teaching job and defer my teaching pension until I am 60 - and use the AVC fund plus my DB pension to keep me going from retirement at 57 until I am 60?
The reason is that I would get the full value of my teaching pension from 60 instead of actuarial reductions from 57/
Thanks - Sidzer
I am planning on retiring in 4 years time at age 57.75 I am a pre 2004 and post 2005 teacher with a retirement age of 60.
I will have approx. 35.5 years service which includes @ 8 years Notional Service Purchase.
I am currently paying into an AVC and aiming for the fund to reach approx. €50K by my retirement age at 57. I also have a DB pension from my first employment which will be approx. €9k PA.
This would give me a pretax pension of approx. €575 / week from 57 - 60. My AVC would be used up by 60 and a that stage I could start collecting my teaching pension.
My Question:
Can I retire from my teaching job and defer my teaching pension until I am 60 - and use the AVC fund plus my DB pension to keep me going from retirement at 57 until I am 60?
The reason is that I would get the full value of my teaching pension from 60 instead of actuarial reductions from 57/
Thanks - Sidzer