Where to start learning more about pension options - post 95 pension

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GAAfan

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I have worked in the public service for the last 26 years, but have 18 years service for pension purposes as I took a 2 year career break to travel in my 20's, a 3 year career break to care for my grandmother (who raised me) in my 30's and took some reduced hours/unpaid leave when my children were very young - all right decisions, but have added up.
I'm now 51 and really don't want to be working until I am 70 (besides that there is a physical element to the job that I can't imagine being able to do at that age). I was recently promoted and am debating the best way to invest the extra to increase my pension.
I work fulltime and earn €72k a year (top of scale).
Has anyone any advice on where to start as I have no idea what I would get or where I should go?
 
If you work full time until age 65, you'll have full service (40 years).
 
GAAfan said:
I have worked in the public service for the last 26 years, but have 18 years service for pension purposes as I took a 2 year career break to travel in my 20's, a 3 year career break to care for my grandmother (who raised me) in my 30's and took some reduced hours/unpaid leave when my children were very young - all right decisions, but have added up.
I'm now 51 and really don't want to be working until I am 70 (besides that there is a physical element to the job that I can't imagine being able to do at that age). I was recently promoted and am debating the best way to invest the extra to increase my pension.
I work fulltime and earn €72k a year (top of scale).
Has anyone any advice on where to start as I have no idea what I would get or where I should go?
Click to expand...

There are just two ways for a PS to enhance their pension:

(1) purchase of notional service
(2) AVC
 
Apologies - I misread the original post. Yes Notional Service is an option so.
 
The third option which may not be realistic is to get a promotion in the years before you retire. You need to be in the post for 3 years to get the full benefit of the promotion. Some posts may have progression to a higher grade if you meet certain criteria, in higher education, an assistant lecturer can progress to lecturer over time and having met some eligibility requirements.
 
No chance of promotion where I am.
I would ideally like option to retire between 60 and 65, but definitely don't want to be there after 65.
 
When you are 61 you will have 28 years service, if you work full time until then. You could work part time half time until 63 or 64, and then retire. This means you have 28 or 29 years service. Buy a few notional service years and you have 32 years service. That is a decent level and will give a decent pension.
 
If your retirement date is 65, then your pension will be actuarially reduced if you go at 63. Am in similar position myself and 62 or 63 is the sweet spot, where your pension is not reduced by lots, but you can retire a bit early.

Also you could contribute to avcs to enhance the lump sum to 1.5 times your salary. You won't get 1 5 times your salary if you have 28 plus years service instead of 40.and pension is actuarially reduced by going before 65.
 
It’s overlooked, but public service actuarial reduction is better value for women than men as women live about two years longer but the same reduction factor is used.

At 60 a woman can expect to live 25 years and a woman 27 years so all else equal about 8% more lifetime pension. Its not big but it’s not nothing.

OTOH a woman purchasing an annuity will pay more.
 
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