Can I have a PRSA AVC and separate PRSA?

[TheJackal]

Hoping to retire early from public service some time from age 55-60. Based on my years of service by then and Cost Neutral Early Retirement I'll be short c.25-30K for my 1.5 times final salary tax-free lump sum.

I've been paying into a PRSA AVC to max out the projected shortfall of 25-30K for my tax-free lump sum. I'll soon have anough in the PRSA AVC to cover the shortfall.

Can I also open a separate PRSA, with no connection to my public service employment (I have no other job)?
My logic here is a PRSA can also get a 25% tax-free lump sum.

So by having both, the PRSA AVC tops up the tax-free lump sum from public service and PRSA uses the 25% tax-free lump sum.

I also know there is tax-free lifetime limit of €200,000 on retirement lump sums from all sources.

 

[Fortune]

...

 

[S class]

Yes you can have a separate AVC PRSA but this will also be linked to your employment scheme.

You cannot take 25% tax free from it.

You can use it to gain other retirement benefits on top of your employment scheme.

 

[TheJackal]

Thank S class. What other retirement benefits are you referring to?

 

[S class]

What other retirement benefits are you referring to?

An ARF or annuity on top of your public sector pension.
You can also take a taxable lump sum.

See here, this applies to all public sector retirees.

AVC information for pre 95 Public Sector employees.

Can these employees make AVCs ? Yes. They can make AVCs based on non pensionable wage payments and to make up for any shortfall if they don't have the full 40 years service at retirement age. They can also make AVCs to fund for the revenue allowed 100% surviving spouses pension. The public...

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