E
Eastcoast
Guest
Hi all,
I am not very good at pension matters and would appreciate any help or advice with my situation.
I am 48 and have been in a DB company pension for 22 years. I pay 7% and the company pay 7%. I do not have a mortage and have readly available savings.
I wish to pay additional AVC's to the tune of 8%, this will cost me over a few grand a year.
The company acturaries invest in AIB, I was thinking about the cash fund for security and the savings been with the tax relief at 42%.
Is it true that I can take a tax free lump sum from this AVC to the tune of 1.5 times my final salary without my DB pension scheme been affected.
One more question, is it a fact that I cannot start up my own AVC so that not all the eggs are in the one basket.
I would really appreciate your advice.
Thanks, Eastcoast.
I am not very good at pension matters and would appreciate any help or advice with my situation.
I am 48 and have been in a DB company pension for 22 years. I pay 7% and the company pay 7%. I do not have a mortage and have readly available savings.
I wish to pay additional AVC's to the tune of 8%, this will cost me over a few grand a year.
The company acturaries invest in AIB, I was thinking about the cash fund for security and the savings been with the tax relief at 42%.
Is it true that I can take a tax free lump sum from this AVC to the tune of 1.5 times my final salary without my DB pension scheme been affected.
One more question, is it a fact that I cannot start up my own AVC so that not all the eggs are in the one basket.
I would really appreciate your advice.
Thanks, Eastcoast.