C
casio
Guest
The figures below have been rounded off.
Gross average salary: €76,000
Currently have €11,000 in AVC
Service 33years (EDIT: age 55)
Department have given the following details, based on retirement date of 31st. August: Lump sum €94,000
Buyback PCW (including 15months I was not in superannuation) = €7,700
I want to lodge further AVC lump sum so that I can retire with tax free lump sum of 1.5 times salary circa €114,000.
If €7,700 is paid out of existing AVC to cover PCW buyback, how much more do I need to fund in order that I retire with tax free lump sum circa €114,000?
What is the tax situation regarding the payment of the €7,700 and the additional AVC amount?
Another option is to have the €7,700 deducted from the lump sum and leave €11,000 in AVC as is, again what are the tax implications for this option?
Gross average salary: €76,000
Currently have €11,000 in AVC
Service 33years (EDIT: age 55)
Department have given the following details, based on retirement date of 31st. August: Lump sum €94,000
Buyback PCW (including 15months I was not in superannuation) = €7,700
I want to lodge further AVC lump sum so that I can retire with tax free lump sum of 1.5 times salary circa €114,000.
If €7,700 is paid out of existing AVC to cover PCW buyback, how much more do I need to fund in order that I retire with tax free lump sum circa €114,000?
What is the tax situation regarding the payment of the €7,700 and the additional AVC amount?
Another option is to have the €7,700 deducted from the lump sum and leave €11,000 in AVC as is, again what are the tax implications for this option?
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