Alternative pensions for teachers?

M

Maryann

Guest
I am a primary teacher in the regular pension scheme . However because I was 32 when I joined( I had worked in the private sector prior to that) the Cornmarket agent who visited our school recently maintains that I should start an AVC. I think the charges are prohibitive and wonder if I am obliged to go with Cornmarket or can I go elsewhere?
Also, prior to becoming a teacher I worked in the private sector for 10 years and because there was'nt any pension scheme in place in that employment I opened a personal pension plan with Eagle Star and made a once off lump sum contribution to it. I haven't made any further contributions to it since then.
As a public sector employee am I barred from making any further contributions to the Eagle Star Pension?Is it possible to get it transferred into my teaching pension?
Alternatively can I maintain the Eagle Star pension by adding occasional lump sums to it every few years and doing a tax return to get the tax relief?
Any advice would be gladly received !
 
Welcome to AAM, Maryann.

If you do a you'll find a number of previous threads querying their high charges and, in some cases, rather pushy sales pitches. I've no direct experience, and am not a pensions expert, but I'd suggest you have a look first at the option of purchasing notional service — if you plan to stay in the same job, long term.

You're certainly not obliged to deal with Cornmarket — there are lots of brokers out there.

Hopefully someone else can shed light on your Eagle Star pension and its transferability or otherwise.
 
Hi there

You cannout transfer a personal pension into an occupational scheme (unfortunately).

It is due to different tax regime under which the two operate.

You also cannot contribute to occupational scheme and personal pension at the same time in respect of the same employment.
 
You can buy notional service, to enhance your occupational pension.

You can start an AVC through Cornmarket brokers, to enhance your main pension.

Instead of Cornmarket, you could get a standalone PRSA-AVC, not through your employer. For example an Eagle Star or Irish Life PRSA from www.labrokers.ie or www.myadviser.ie

You can not contribute to the old personal pension. It is froxen, or "paid-up". If the charges on it are high, then you can convert it to a low-cost retirement buy-out bond.
 
Protocol said:
You can buy notional service, to enhance your occupational pension.

You can start an AVC through Cornmarket brokers, to enhance your main pension.

Instead of Cornmarket, you could get a standalone PRSA-AVC, not through your employer. For example an Eagle Star or Irish Life PRSA from www.labrokers.ie or www.myadviser.ie

You can not contribute to the old personal pension. It is froxen, or "paid-up". If the charges on it are high, then you can convert it to a low-cost retirement buy-out bond.
Click to expand...


the one downside to the above is that you cant avail of salary deduction which means you'll have to stump up the full amount each month or in a lumpsum yearly an then claim the tax and prsi relief back through a tax return annually
 
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