T
T&C
Guest
I am not familiar with alot of the terminology regarding pensions and financial products. I would appreciate some objective advice!
I began teaching at 20, and have seven years service completed (year one began Sept 2002).
I wish to be able to retire after 35 years service. As it is likely I may take career break at some stage, i will need to buy back years, as well as the five years to take me up to the full 40 years service. I currently have no financial commitments like mortgage or children!
I signed up for AVCs in Sept 2008 with Cornmarket. I did find their initial joining fee expensive. I had a consultation with them again in July 2009, and signed up for salary protection and life protection (is wasn't clear that the LP was an additional cost).
I had a consultation with a PRSA broker who adviced I should switch to a non-group scheme, which has less fees... a Zurich AVC policy. And I also switched salary protection. It means that the money is no longer taken at source, but rather by direct debit (with tax relief now included on my tax credits).
Both Cornmarket and the PRSA broker put forward various figures, but to be honest, eventhough I'm a whizz at Maths, each figure had possible variations and outcomes.
I think AVC is worthwhile, as is salary protection.
Is there anyone familiar with both who can advise me which is better value for money?
Thanks,
T&C (Terms and Conditions!)
I began teaching at 20, and have seven years service completed (year one began Sept 2002).
I wish to be able to retire after 35 years service. As it is likely I may take career break at some stage, i will need to buy back years, as well as the five years to take me up to the full 40 years service. I currently have no financial commitments like mortgage or children!
I signed up for AVCs in Sept 2008 with Cornmarket. I did find their initial joining fee expensive. I had a consultation with them again in July 2009, and signed up for salary protection and life protection (is wasn't clear that the LP was an additional cost).
I had a consultation with a PRSA broker who adviced I should switch to a non-group scheme, which has less fees... a Zurich AVC policy. And I also switched salary protection. It means that the money is no longer taken at source, but rather by direct debit (with tax relief now included on my tax credits).
Both Cornmarket and the PRSA broker put forward various figures, but to be honest, eventhough I'm a whizz at Maths, each figure had possible variations and outcomes.
I think AVC is worthwhile, as is salary protection.
Is there anyone familiar with both who can advise me which is better value for money?
Thanks,
T&C (Terms and Conditions!)