Buying Back "notional years" from ETB (formerly VEC)

warrendublin

Registered User
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33
Hello,

I'm not sure if anyone can advise/assist here but I've been buying back "notional years" from my VEC (now they're called an ETB!) - the idea at the time was to get additional years of service purchased so that when it came time for retirement, I would have bought additioanl years service when pension/lump sum calculations were being made.

I pay approx 500.00 per month and have been doing this for about 7 years.

Can anyone advise if this is still the best way of buying into an increased pension or can someone advise a good independent Pensions adviser who might be able to assist. the entire AVC/Private Pension.

I'm the right side of 50 and am in permanent employment.

From what I recall, the deal appeared to be a good one at the time.

Any advice greatly appreciated.
 
I'm in a similar position but want to see if I can buy back the years in a lump sum. Does anyone know if I can do that?
 
I'm in a similar position but want to see if I can buy back the years in a lump sum. Does anyone know if I can do that?
Yes you can but you need to check your scheme. It may depend on age and remaining maximum potential service and then you need to do the calculations as to which is cheaper, lump sum or periodic.
 
Hello,

I'm not sure if anyone can advise/assist here but I've been buying back "notional years" from my VEC (now they're called an ETB!) - the idea at the time was to get additional years of service purchased so that when it came time for retirement, I would have bought additioanl years service when pension/lump sum calculations were being made.

I pay approx 500.00 per month and have been doing this for about 7 years.

Can anyone advise if this is still the best way of buying into an increased pension or can someone advise a good independent Pensions adviser who might be able to assist. the entire AVC/Private Pension.

I'm the right side of 50 and am in permanent employment.

From what I recall, the deal appeared to be a good one at the time.

Any advice greatly appreciated.
It's hard to know without specific figures. You are already in the Notional Service buy back so probably best to say in that. You can also take out a PRSA subject to tax relief and Revenue lump sum limits. You do need to check with a pensions advisor, e.g. Cornmarket or other company recommended by your union.
 
Hello everyone,
Many thanks for the assistance. It is greatly appreciated.

As Cornmarket would have been the choice of provider by the Union, I will arrange a visit to talk with them.

Im guessing that I really should get figures on how much I'm paying in, how much I've paid in etc and the date from which I started to ensure I have as much information as possible.
 
Note that Cornmarket are nothing directly to do with buying back years.

They sell a competing product, AVCs.

They have a vested interest to discourage you from buying back years.
 
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