AVC to buy back years to retire on full service age 60 (Pub-Sector An Post employee)

H

Happy Girl

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My hubby is currently contributing to an AVC to buy back years to enable him to have the full 40yrs at retirement age of 65. Can anybody tell me if it is possible for him to make additional AVC contributions to enable him to retire at 60 with the full 40yrs entitlement. He is employed with An Post.
 
Re: AVCs to retire early

It is a Public Sector Scheme I would imagine?

If so, it would depend on the Rules which are specific to that Scheme.

There is nothing wrong 'per se' (in Revenue's eyes) with retiring on a full service pension at age 60, but the Scheme Rules would determine whether or not it is possible to buy back years to have 40 years on retiring at 60.

Did you contact the Pensions Department of An Post?
 
Re: AVC to buy back years to retire on full service age 60 (An Post employee)

Happy Girl said:
Can anybody tell me if it is possible for him to make additional AVC contributions to enable him to retire at 60 with the full 40yrs entitlement. He is employed with An Post.
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I dont see any reason why he might not be allowed to buy back an additional 5 years service allowing him to retire on full service at age 60.

Note however that if he chooses to continue to work after age sixty he will continue to make superannuation contributions but will not accrue any more years service.

Also bear in mind that some Public Sector superannuation schemes are not indexed. If this is the case when your husband retires his pension is a proportion of his salary at age sixty and he may not benefit from pay increases he migth get up to age sixty five.

Search this forum for more on the An Post Superannuation Scheme.

Also contact the trade union involved as they know a lot about the pensions issue.
aj
 
Thanks Ajapale but have searched this forum and cannot find anything specifically about An Post Pension Scheme other than what I have posted previously.
 
Re: AVC to buy back years to retire on full service age 60 (An Post employee)

ajapale said:
I dont see any reason why he might not be allowed to buy back an additional 5 years service allowing him to retire on full service at age 60.
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Because the revenue maximum pension at early retirement is a fraction of the pension at normal retirement age.

Just because it's possible to buy back years does not make it's premissible to retire early on a revenue maximum pension!

It would depend on the An Post Plan Rules - basically how Normal Retirement Age is defined therein.
 
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