AVC to build up pension advice

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fogfurn

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Hi there I’m looking for some advice on pensions
I’ll give my background
2005 to 2008. Paid into a public service pension ( teaching)
Worked in private sector 2008 to 2019 but only three years paid into a work occupational pension
2019 to present and until I retire back paying now into the new pension scheme
So why I left the public service previously is a different story.
I am now concerned about not having enough in retirement so I’ve been looking at avc contributions and want to retire 65 max and sooner if I can ( because I won’t have energy to teach after early 60s)
I’ve been in touch with Cornmarket and have recommended to me paying 270 month before tax relief and also recommended AVCs the best option
Ofcourse I’ve only realised now they are tied into Irish life and I presumed they would be taking all companies into account
So I’m asking I suppose really is their anyone that could recommend someone to me that could give me independent advice on the way to go so I can retire early as possible with enough in pension payments
I prefer a monthly payment to myself when I retire and I can in next year or two and yearly increase my contributions as much as possible if that needs to be done. I’m told at the moment my pension pot could just be under 8000 before the AVC s are taken into account
So please any advice please and is Cornmarket ok to be with
 
fogfurn said:
Also I’m 54 and salary 61000 top of scale public service again
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apologies, but I am totally confused by your post. So a few questions:
- will you have enough A Class PRSI contributions to get a State Pension at age 66?
- what pension have you got from the 2005 to 2008 service?
- you saying that your “pension pot” has a current value of only €8,000 (as opposed to an annual pension of €8,000) Is this solely from the 3 years of contributions to your occupational pension?
- you are now back in the public service (Single Pension Scheme). Have you gotten an estimate of what might mature at when you get to 65?
- you say that you would “prefer a monthly payment to myself when I retire”. I don’t know what you mean by that? Any pension funds you accumulate by retirement will ultimately be used to give you an income in retirement (typically paid monthly), after you have taken any allowable retirement lump sum (tax free).

I don’t think your problem is that Cornmarket is owned by Irish Life. Based on what you have posted to appear to have very little pension provision . Assuming you remain in the Single scheme until age 65 then you will accrue additional pension benefits. Yes, paying AVCs will help you to improve your Single scheme benefits and will attract generous tax relief.
Tax relief is limited to 35% of income (up to age 60 and 40% thereafter), but inclusive of your compulsory Single Scheme contributions.
If you are prepared to invest AVCs for another 10 years you can either join the Cornmarket Group AVC scheme (using Irish Life) for teachers or you can establish a separate PRSA AVC with another provider.
Your focus needs to be on estimating your overall pension assets by retirement. Get estimated figures for your various pension pots. And then consider how much additional contributions you can afford for the next 10 years.
 
Conan said:
apologies, but I am totally confused by your post. So a few questions:
- will you have enough A Class PRSI contributions to get a State Pension at age 66?
- what pension have you got from the 2005 to 2008 service?
- you saying that your “pension pot” has a current value of only €8,000 (as opposed to an annual pension of €8,000) Is this solely from the 3 years of contributions to your occupational pension?
- you are now back in the public service (Single Pension Scheme). Have you gotten an estimate of what might mature at when you get to 65?
- you say that you would “prefer a monthly payment to myself when I retire”. I don’t know what you mean by that? Any pension funds you accumulate by retirement will ultimately be used to give you an income in retirement (typically paid monthly), after you have taken any allowable retirement lump sum (tax free).

I don’t think your problem is that Cornmarket is owned by Irish Life. Based on what you have posted to appear to have very little pension provision . Assuming you remain in the Single scheme until age 65 then you will accrue additional pension benefits. Yes, paying AVCs will help you to improve your Single scheme benefits and will attract generous tax relief.
Tax relief is limited to 35% of income (up to age 60 and 40% thereafter), but inclusive of your compulsory Single Scheme contributions.
If you are prepared to invest AVCs for another 10 years you can either join the Cornmarket Group AVC scheme (using Irish Life) for teachers or you can establish a separate PRSA AVC with another provider.
Your focus needs to be on estimating your overall pension assets by retirement. Get estimated figures for your various pension pots. And then consider how much additional contributions you can afford for the next 10 years.
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Apologies I’ve written the previous to fast without taught.
So firstly yes I will have enough PRSI contributions to qualify for state pension
Secondly I was teaching 2005-2008 in the public service so I think it was called superannuation contributions back then but part time so I’ve only built up very little. I then taught in the private sector but only paid into a work pension for 3 years. Again apologies. So how do I estimate my previous pension pots? Do you think the guy I spoke to in Cornmarket should of asked me for previous pension statements because I did tell him I have those small pensions but he didn’t really ask much about them
 
So it looks like the bulk of any pension (over and above the State Pension) will come from your service over the next 10 years. If so, then Cornmarket should be able to estimate your future Pension accrual and then also estimate the impact of any AVCs.
When you say you will have enough PRSI contributions to qualify for a State Pension, will you have sufficient contributions for a full State Pension?
 
Conan said:
So it looks like the bulk of any pension (over and above the State Pension) will come from your service over the next 10 years. If so, then Cornmarket should be able to estimate your future Pension accrual and then also estimate the impact of any AVCs.
When you say you will have enough PRSI contributions to qualify for a State Pension, will you have sufficient contributions for a full State Pension?
Click to expand...
Yes I will have full state pension
 
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