world201812
Registered User
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- 71
Hi all,
I’ve previously posted and received excellent advice, but at a bit of a crossroads regarding the single service scheme.
Its very hard to get my head around the ‘benefits’ of this, and I’m in two minds as to whether or not I should do an PRSA-AVC this year as usual, get 40% back, or buy ‘referable’ amounts or towards a ‘lump sum’.
In my case the lump sum costs approx. 90% of the value, obviously I’d get 40% back of this approx. on tax return if I went for the option.
Then in terms of ‘referable amounts’ HR advise that ‘for every €1 you want to add to your annual Pension it will cost €22 approx’.
The latter looks insane cost wise.
Can someone explain what is the benefits of the lump sum v referable amount. The lump sum looks more attractive based on the above?
I’ve looked at my PRSA-AVC statement for 2020, and the value of this has risen, but as I read it, the value of the single service contributions as in lump sum or referable amounts, never rise?
Would I be as well to keeping adding to my PRSA-AVC and then at 60 odd years of age, fire it in to my public sector pension by way of buying lump sum or referable amounts?
I’ve previously posted and received excellent advice, but at a bit of a crossroads regarding the single service scheme.
Its very hard to get my head around the ‘benefits’ of this, and I’m in two minds as to whether or not I should do an PRSA-AVC this year as usual, get 40% back, or buy ‘referable’ amounts or towards a ‘lump sum’.
In my case the lump sum costs approx. 90% of the value, obviously I’d get 40% back of this approx. on tax return if I went for the option.
Then in terms of ‘referable amounts’ HR advise that ‘for every €1 you want to add to your annual Pension it will cost €22 approx’.
The latter looks insane cost wise.
Can someone explain what is the benefits of the lump sum v referable amount. The lump sum looks more attractive based on the above?
I’ve looked at my PRSA-AVC statement for 2020, and the value of this has risen, but as I read it, the value of the single service contributions as in lump sum or referable amounts, never rise?
Would I be as well to keeping adding to my PRSA-AVC and then at 60 odd years of age, fire it in to my public sector pension by way of buying lump sum or referable amounts?