wexfordcoco
Registered User
- Messages
- 14
I work in the Local Council, I have been there for 3.8 years and I have just been made permanent.
I have been given the option of purchasing Notional Service, or I can of course get a AVC to make up my shortfall. I am 44 years old, so I am short by 16 years!
To buy Notional Service will cost me €77 weekly (I assume that is net) for that I will receive my full benefit when I retire at 65, which is 1.5 times my salary in a lump sum (79k) plus €316 a week, plus my state pension which I think is currently €193, giving me a total of €509 per week till I die.
I called the Personal and Corporate people (VNC's) and they told me for the €77 a week contribution I would get a lump some of €64k and a total of €552 including my state pension a week (not sure why the lump some is different, unless he worked it our wrong?)
Anyway, my question is, what way to go, Notional or AVC?
I have heard that the Notional contribution is soon to go way up (imminent) so I really need to make a decision quickly.
I have also been told (by Personal and Corporate) that the VNC option is much more flexible and a much better deal?
Your advice please
I have been given the option of purchasing Notional Service, or I can of course get a AVC to make up my shortfall. I am 44 years old, so I am short by 16 years!
To buy Notional Service will cost me €77 weekly (I assume that is net) for that I will receive my full benefit when I retire at 65, which is 1.5 times my salary in a lump sum (79k) plus €316 a week, plus my state pension which I think is currently €193, giving me a total of €509 per week till I die.
I called the Personal and Corporate people (VNC's) and they told me for the €77 a week contribution I would get a lump some of €64k and a total of €552 including my state pension a week (not sure why the lump some is different, unless he worked it our wrong?)
Anyway, my question is, what way to go, Notional or AVC?
I have heard that the Notional contribution is soon to go way up (imminent) so I really need to make a decision quickly.
I have also been told (by Personal and Corporate) that the VNC option is much more flexible and a much better deal?
Your advice please