Mike Rosoft
Registered User
- Messages
- 11
Hi Folks,
First apologies for posting this in error a few minutes ago in the wrong context...
Am a 60 yr old PS with in excess of 40 yrs service, class D1. Can retire now but fancy hanging on till 63 or 64. If I were to retire now my pension would be €33,000 PA based on salary of €66,000 and my lump sum would be €99,000 -€100,000. Since my last post I have started an AVC via a financial advisor who told me I have scope for an AVC of €30,000. I have contributed €8000 into it as a lump sum with a view to paying in the rest (€22,000) over this and next year. I plan to meet with the advisor shortly but in advance of the meeting I'd like to eliminate some of the confusion in my head.
So can I ask a couple of questions to try and clear the fog........
1. How is the figure of €30,000 arrived at?
2. Do I need to set a firm retirement date to get clarity on my AVC position?
3. Surely €30,000 figure exceeds revenues limit of an additional 5 years of 3/80 of final years salary towards an enhanced lump sum. (3/80 of €66,000 = €2475 x 5 years beyond 40 = €12,375). Instead of 120/80 as a lump sum 135/80 if I work 5 years over 40.
Thanks for any advice.
First apologies for posting this in error a few minutes ago in the wrong context...
Am a 60 yr old PS with in excess of 40 yrs service, class D1. Can retire now but fancy hanging on till 63 or 64. If I were to retire now my pension would be €33,000 PA based on salary of €66,000 and my lump sum would be €99,000 -€100,000. Since my last post I have started an AVC via a financial advisor who told me I have scope for an AVC of €30,000. I have contributed €8000 into it as a lump sum with a view to paying in the rest (€22,000) over this and next year. I plan to meet with the advisor shortly but in advance of the meeting I'd like to eliminate some of the confusion in my head.
So can I ask a couple of questions to try and clear the fog........
1. How is the figure of €30,000 arrived at?
2. Do I need to set a firm retirement date to get clarity on my AVC position?
3. Surely €30,000 figure exceeds revenues limit of an additional 5 years of 3/80 of final years salary towards an enhanced lump sum. (3/80 of €66,000 = €2475 x 5 years beyond 40 = €12,375). Instead of 120/80 as a lump sum 135/80 if I work 5 years over 40.
Thanks for any advice.